San Francisco buyout firm Serent Capital announced on Friday that its portfolio company Compeat, a leading provider of integrated restaurant accounting, back office and workforce management software, will acquire industry rival Ctuit.
In combining two of the restaurant management software market’s leaders, Serent says it will offer a best-in-class solution and create an end-to-end product portfolio that includes Hire, Labor, Schedule, Payroll, Accounting, Inventory, Logbook, Event Management, Intelligence, Manager and Employee Mobile Apps and third-party integrations including over 60 point of sale providers.
Seventeen-year-old Compeat offers its restaurant operators technology solutions which are intended to increase control, reduce costs, provide new insight and improve efficiency. The company has installed restaurant management software for hundreds of customers in thousands of restaurant locations, from high volume independents to large chain operators.
Ctuit, also launched in 2000, seeks to solve the restaurant industry’s most difficult challenges through an all-in-one software solution it says helps customers reduce food costs, optimize employee labor schedules and streamline operations. The Novato, Calif.-based firm will offer Compeat’s clients its inventory features, employee scheduling mobile app, manager operations mobile app, event management module, and hundreds of additional customer centric intelligence reports.
Austin, TX-based Compeat’s Chief Executive Officer Jeffrey Stone will lead the newly combined entity, while Rob D’Ambrosia, Founder and CEO of Ctuit, will move to a Board seat and actively participate in guiding the company. Ctuit’s Co-Founder and President, Bill Sheely, will become President of the merged entity.
“I’ve entertained many conversations over the years and none felt right until now,” said D’Ambrosia. “The combination of these three powerful organizations- Compeat, Ctuit and Serent Capital – coming together is incredible and the cultural fit is extremely strong. I have the utmost confidence in the leadership team and am thrilled to take a seat at the Board to be a part of this new organization. We all share a passion for serving the restaurant industry and a culture of excellence, innovation and integrity with a customer-centric mindset.”