- Restaurant management company Toast announced it acquired StratEx — which is a leading provider of payroll and HR software
Restaurant management platform Toast has announced it acquired StratEx — which is a leading provider of HR and payroll software for restaurants. And StratEx’s HR software and consulting services help restaurants automate their applicant tracking, scheduling, payroll, benefits, and labor law compliance.
“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,” said Chris Comparato — the CEO of Toast. “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.”
As part of the acquisition, the former StratEx product is now part of the Toast Payroll & Team Management, an all-in-one HR solution that is built specifically for the restaurant industry. The solution was designed to seamlessly work with Toast Point of Sales and it automates employee onboarding, accurately tracks hours across locations, streamlines payroll, and simplifies compliance for restaurants of all sizes.
“We’re passionate about the restaurant industry and helping our community of restaurateurs succeed in today’s dynamic – and often challenging – labor market,” added Adam Ochstein — the CEO of StratEx. “In Toast we discovered a partner that is equally as passionate about the restaurant community. Joining forces allows us to accelerate investments in our platform and build new employee-facing products that will allow restaurants running on Toast to attract, hire, and retain great teams.”
Earlier this year, Toast raised $250 million in funding at a $2.7 billion valuation. Around that time, Toast said it was going to invest $1 billion in R&D.
Law firm Ropes & Gray represented Toast — which include Bill More (partner), Joe DeMedeiros (associate), Amanda Holt (tax partner), Aaron Harsh (tax partner), Loretta Richard (benefits partner), Adam Stella (benefits partner), and Edward Black (strategic transactions partner).
