Toast said July 24 that it acquired StratEx. Financial terms weren’t announced. StratEx provides HR and payroll software for restaurants. In April, Toast raised $250 million in VC funding. Bill Mone, Amanda Holt and Aaron Harsh of Ropes & Gray advised Toast.
Boston, MA—July 24, 2019 – Toast, the fastest-growing restaurant management platform in the U.S., today announced it acquired StratEx, a leading provider of HR and payroll software for restaurants. StratEx’s HR software and consulting services help restaurants automate 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, 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 a result of the acquisition, the former StratEx product is now part of Toast Payroll & Team Management, an all-in-one HR solution built specifically for the restaurant industry. Designed to seamlessly work with Toast Point of Sale, the solution 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,” said Adam Ochstein, 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.”
Restaurant owners and operators can learn more about Toast and schedule a personalized demo here.
Launched in 2013, Toast powers successful restaurants of all sizes with a technology platform that combines restaurant POS, front of house, back of house and guest-facing technology with a diverse marketplace of third-party applications. By pairing technology with an unrivaled commitment to customer success, Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. Toast was named to the 2019 Forbes Fintech 50, 2019 SXSW Interactive Innovation Finals, 2018 Forbes Cloud 100, and recognized as the third fastest-growing technology company in North America on the 2017 Deloitte Fast 500. Learn more at www.toasttab.com.