Compeat, a restaurant-focused accounting and business process management firm, is expanding thanks to a new acquisition.
The firm announced Wednesday (July 26) plans to acquire Ctuit, another restaurant management company, in a deal reports said would create the largest company of its kind. The combined entity will provide back-office services, including accounting, payroll, inventory management and other solutions, as well as mobile apps for managers and employees and third-party integrations. According to Compeat, the acquisition means the business will have more than 70 point-of-sale partners, for example.
“Compeat and Ctuit have highly complementary businesses. The combined company will allow us to offer more comprehensive and innovative technology solutions to the restaurant industry, providing our combined customer bases more products and mobile apps with more in-depth features,” said Compeat CEO Jeffrey Stone in a statement.
“The combination of these two great companies will provide our customers with more choice and an obvious accounting, back office and workforce market leader,” he continued. “Our customers and employees are going to be the true benefactors of this combination.”
The takeover will add Ctuit’s additional inventory management solutions, a mobile app to support employee scheduling, a mobile app to support managers and an event management solution, the companies said. At the same time, existing Ctuit customers will gain access to Compeat’s accounting and payroll solutions, among others.
In another statement, Ctuit founder and CEO Rob D’Ambrosia said he had considered several merger deals in the past, “and none felt right until now.”
“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,” he said. “We all share a passion for serving the restaurant industry and a culture of excellence, innovation and integrity with a customer-centric mindset.”
Financial details of the acquisition were not disclosed by the companies.