Restaurant management platform Restaurant365 announced this week it has acquired Compeat, which makes software to help restaurants manage their workforce and the back office. Restaurant365 will continue to support Compeat products and customers after the deal goes through, according to a press release sent to The Spoon.
Restaurant365 is itself a back-of-house-focused company, with a cloud-based software platform that gives restaurants a single, digital place to manage their accounting, payroll, scheduling, inventory, and other back-office tasks. The system integrates with other tools in the restaurant, including POS, vendor, and banking systems.
Compeat offers a similar set of cloud-based tools for restaurants. In addition to its technology, the company will bring its own rather robust list of restaurant clients as well as some hotel chains to the partnership.
Both companies offer a similar promise to hospitality businesses: to digitize and therefore simplify back-office tasks and in doing so save businesses time and money.
Restaurant365’s announcement comes right on the heels of Toast’s acquisition of another back-office/back-of-house management platform, xtraXCHEF. Other deals, mergers, and acquisitions are bound to follow. The last year has devastated many restaurants’ businesses. For those that managed to survive, keeping a tighter grip on costs is an imperative right now. Many restaurant tech companies claim that digitization and better management of the back of house can help restaurants maintain better margins.
The combination of Restaurant365 and Compeat will serve over 28,000 restaurants. Restaurant365 CEO Tony Smith will lead the new business.
In the meantime, expect more consolidation for restaurant tech over the next several months as the industry continues its slow recovery phase.
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