Technology

Restaurant365 acquires Compeat

Provided

June 11, 2021

Irvine, California-based Restaurant365, a restaurant management platform, has acquired Compeat, which provides restaurant back office, workforce and business intelligence software.

Tony Smith, CEO of Restaurant365, will lead the combined company serving nearly 30,000 restaurants.

"The last year has been full of challenges for the restaurant industry due to the COVID-19 pandemic, but restauranteurs are tenacious and we're in awe of their incredible creativity to adapt," he said in a company press release. "We provide technology to support their ingenuity and see this as the perfect time for this bold move to expand our offering and help restaurants rethink and streamline their operations."

Texas-based Compeat and Restaurant365 customers often see a 2-5% reduction in food and labor costs by administering the companies' accounting, payroll, operations and purchasing in one unified platform, according to the release. Equally important, the time savings allows restaurant operators to focus on providing their guests an exceptional dining experience.

"A love for serving the restaurant industry is built into the DNA of our organization," Brendan Reidy, CEO of Compeat, said in the release. "In Restaurant365 we found a similar-minded group, very complementary in solutions and in approach. We're thrilled to unite with them to accomplish this important mission."

Upon closing, Restaurant365 will continue to support Compeat products and customers.

"We have a lofty vision to transform how restaurants operate and this combination significantly expands our market share and resources," Smith said. "Compeat is full of incredible employees that we can't wait to welcome to our team to grow this business together."