Toast, a Boston, MA-based cloud platform for the restaurant community, acquired xtraCHEF, a NYC-based provider of a financial and operational management platform built for restaurants.
The amount of the deal was not disclosed.
xtraCHEF will join Toast as xtraCHEF by Toast. xtraCHEF CEO and co-founder, Andy Schwartz, and CTO and co-founder, Bhavik Patel, will remain with the company in their current roles.
xtraCHEF provides a suite of back office tools for restaurants, including accounts payable automation and inventory management. Leveraging a combination of machine learning, data science, and quality control, the company provides data and automation to streamline the supply chain. Restaurants of all sizes and service use xtraCHEF’s AP automation to accelerate productivity and make more informed purchasing decisions. Food cost management reporting and analytics allows operators to better understand their books and cut percentage points off their prime costs.
By combining xtraCHEF’s line item level cost data with Toast’s sales data to get insights into profitability by menu item, restaurateurs will have access to automation and intelligence tools that streamline repeatable tasks including bookkeeping, managing inventory and tracking margins.
Led by Chris Comparato, CEO, Toast provides restaurateurs with a platform to increase revenue, streamline operations, retain employees, and create fans.
FinSMEs
13/06/2021