Toast has bought restaurant management software company xtraCHEF, which equips restaurants with tools like accounts payable (AP) automation in addition to inventory management, according to an announcement on Thursday, June 10. The acquisition follows a successful partnership established in June 2020.
xtraCHEF, which was created for all restaurants of different sizes, enables operators to digitize accounts payable, manage increasing inventory expenses and simplify back office work to boost total profitability.
“Restaurant operators work far too hard to waste time and money,” said Andy Schwartz, CEO and co-founder of xtraCHEF. “XtraCHEF’s automated tools and dynamic, interactive dashboards make it easy for busy restaurateurs to track, compare and control costs. “
Restaurant owners will be able to use automation and intelligence tools that simplify work, such as inventory control, bookkeeping, and margin monitoring, when item spend data from xtraCHEF is combined with sales data. of Toast.
“With xtraCHEF, we immediately strengthen our cost management automation capabilities for restaurants, helping restaurateurs recoup the time spent navigating complex manual processes and better understand their profitability, right down to the menu,” said Toast CEO Chris Comparato said in the announcement.
The news comes as Toast has deployed an enhanced collection of “contactless, customer-centric solutions” to help restaurant owners revamp their businesses and reduce overhead costs in the midst of their recovery from the pandemic.
“Customer behaviors are changing faster than ever in direct response to the COVID-19 pandemic; ordering and paying for food via a smartphone might have seemed foreign to some a few years ago. Today, many people expect this convenience in order to reduce contact with others and increase efficiency, ”Toast president and co-founder Aman Narang said in a statement.
A report released in February said Toast was considering a potential initial public offering (IPO) in 2021 and that such an offer could reach $ 20 billion.
Toast, which rolled out in 2013, declared its “democratizing technology for restaurants of all sizes,” according to today’s xtraCHEF announcement.