Toast, the end-to-end cloud platform purpose-built for the restaurant community, today announced it acquired xtraCHEF, a suite of back office tools for restaurants, including accounts payable automation and inventory management. Designed from the ground-up for restaurants of all sizes, xtraCHEF 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 get insights into profitability by menu item, restaurateurs will have access to automation and intelligence tools that streamline repeatable tasks including bookkeeping, managing inventory and tracking margins. The addition of xtraCHEF extends Toast’s end-to-end product ecosystem that allows the industry to build better restaurants and create better connections with both their customers and their suppliers.
“Time is the most precious and scarce resource for restaurant operators who are constantly focused on growing their business while juggling the need to provide a delightful guest experience,” said Chris Comparato, CEO of Toast. “Together with xtraCHEF, we immediately deepen our capabilities in automating cost management for restaurants, helping restaurateurs reclaim time previously spent navigating complex, manual processes and better understand their profitability, down to the menu item. Following a successful partnership we couldn’t be more excited to officially welcome xtraCHEF to Toast as we drive our shared vision of supporting restaurants’ success with easy-to-use tools that allow them to thrive.”
“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. Now, by combining Toast’s in-depth point-of-sale data with xtraCHEF’s automated line-item details on restaurant spending, operators on the Toast platform have a true end-to-end view of their financial health. I look forward to joining the Toast team and leveraging the many opportunities that lie ahead for our industry as I continue to run and grow the xtraCHEF business along with my partner Bhavik Patel.”
xtraCHEF will join Toast as xtraCHEF by Toast. xtraCHEF CEO and co-founder, Andy Schwartz, and CTO and co-founder, Bhavik Patel, will remain with the company in their current roles.
Launched in 2013, Toast is democratizing technology for restaurants of all sizes. Built exclusively for restaurants and driven by a passion to enable their success, Toast connects employees, operations, and guests on an easy-to-use platform so restaurateurs can stay one step ahead of a rapidly evolving hospitality market. Tens of thousands of restaurants partner with Toast to increase revenue, streamline operations, retain great employees, and create raving fans. Toast was named to 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.