American company Restaurant365 is ready to buy Compeat, a provider of back office, workforce and business intelligence software for restaurants.
The financial terms of the deal were not disclosed.
Compeat was founded in 2000 with the aim of developing software to streamline restaurant operations. Over the years, the company has expanded its product portfolio, which now includes inventory, accounting and vendor management solutions.
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This acquisition will further strengthen Restaurant365’s position as a restaurant management software provider.
Once the deal is completed, the combined deals will be led by Restaurant365 CEO Tony Smith. It will serve more than 28,000 restaurants.
In addition, Restaurant365 will continue to support Compeat’s products and customers.
Smith said: “The past year was full of challenges for the restaurant industry due to the Covid-19 pandemic, but restaurant owners are tenacious and we’re in awe of their incredible creativity to adapt.
“We provide technology to support your creativity and see this as the perfect time for this bold move to expand our offering and help restaurants rethink and optimize their operations.”
Compeat CEO Brendan Reidy said: “The love of serving the restaurant industry is embedded in the DNA of our organization.
“At Restaurant365, we found a similarly minded group, very complementary in solutions and approach. We are excited to join them in fulfilling this important mission. ”
Restaurant365 offers a multifunctional accounting, inventory, scheduling, payroll and HR solution for restaurants. The R365 platform is designed to facilitate day-to-day management as well as control expenses.
The company is headquartered in Irvine, California.