Headquartered in Boston, Toast, a restaurant management company, has cracked a deal to buy StratEx for an undisclosed amount. This acquisition will allow Toast’s customers to automate their Payroll services and HR as well. The acquisition’s aim is to help the restaurants to retain their employees, who are completely dedicated towards their work.
The CFO and Chief Business Officer of Toast, Tim Barash states, “If you walk down the street in many cities in the US, you’re going to see help wanted signs in every restaurant.” He believes that the acquisition will help in improving the HR management of the restaurant with which the hiring woes can be troubleshooted.
Richie Serna, the Co-founder and CEO of Finix, said, “The acquisition further validates the notion that vertically- focused SaaS is the new distribution method for services to run and grow small business.” He also said that, this is the platform which every company needed as a one-stop-shop that can streamline their operations.
During 2018, the revenue grew up by 148%, and currently the organization is maintaining the same pace. It’s tens of thousands of client restaurants that use its technology.
The Firm is also planning to invest over $1 billion in R&D. The company informed that it will invest a pie of the amount “to continue building software and hardware designed specifically for the restaurant industry.”
Toast’s CEO, Chris Comparato said, “At Toast, we know that for a restaurant to be successful it often starts with recruiting and retaining a great team, yet many restaurants wrestle with employee turnover that can exceed 70 percent. By adding StratEx to the Toast Platform, we can better support restaurants of all sizes in simplifying HR, payroll, and talent management on a platform that works seamlessly with Toast and our technology partner ecosystem.”