BOSTON – (BUSINESS WIRE) – Nov. June 2021–
Toast, the end-to-end cloud platform developed specifically for the restaurant community, today announced the acquisition of xtraCHEF, a suite of back office tools for restaurants, including accounts payable automation and inventory management. xtraCHEF was built from the ground up for restaurants of all sizes and arms operators to take control of rising inventory costs, automate accounts payable, and streamline back office tasks to increase overall profitability.
By combining xtraCHEF’s line item-level cost data with Toast’s sales data to provide insights into profitability by menu item, restaurateurs have access to automation and intelligence tools that streamline repeatable tasks like accounting, inventory management and margin tracking. The addition of xtraCHEF expands Toast’s end-to-end product ecosystem, enabling the industry to build better restaurants and forge better connections with both their customers and suppliers.
“Time is the most precious and scarce resource for restaurant operators who are constantly focused on growing their business while delivering a pleasant guest experience,” said Chris Comparato, CEO of Toast. “Together with xtraCHEF, we will immediately deepen our skills in automating cost management for restaurants, helping restaurateurs to regain the time they previously spent with complex, manual processes, and to better understand their profitability right down to the menu item. After a successful partnership, we are very excited to officially welcome xtraCHEF to Toast as we share our common vision to support the success of restaurants with user-friendly tools that enable them to be successful. “
“Restaurant operators work way too hard to waste time and money,” says 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. By combining Toast’s detailed point-of-sale data with xtraCHEF’s automated line item details on restaurant spend, operators now have a real end-to-end view of their financial health on the Toast platform. I look forward to joining the Toast team and taking advantage of the many opportunities our industry has to offer as I continue to manage and grow the xtraCHEF business with my partner Bhavik Patel. “
xtraCHEF will join Toast as xtraCHEF by Toast. xtraCHEF CEO and co-founder Andy Schwartz as well as CTO and co-founder Bhavik Patel will remain with the company in their current functions.
Restaurant owners and operators can learn more about Toast and schedule a personalized demo here. You can find more information about xtraCHEF here.
Introduced in 2013, Toast is democratizing technology for restaurants of all sizes. Developed exclusively for restaurants and driven by the passion to enable their success, Toast connects employees, businesses and guests on a user-friendly platform so that restaurateurs can be one step ahead of a rapidly developing food service market. Tens of thousands of restaurants partner with Toast to increase sales, streamline operations, retain great employees, and attract enthusiastic fans. Toast was named one of Fortune’s 2020 Best Workplaces in Technology, 2020 Forbes Fintech 50, 2020 Forbes Cloud 100, Ernst & Young’s Entrepreneur Of The Year® 2020 Listing – National Overall Winner and the 2019 SXSW Interactive Innovation Finals. Learn more at www.toasttab.com.
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