Serent Capital Portfolio Company Compeat Acquires Ctuit
San Francisco, CA – July 28, 2017 — Serent Capital, a San Francisco-based private equity firm, announced that its portfolio company Compeat, the leading provider of integrated restaurant accounting, back office and workforce management software, will acquire Ctuit, uniting two restaurant management software market leaders. The combination will create the largest provider of fully integrated accounting, back office and workforce software in the industry.
The acquisition unites best-in-class restaurant management software solutions to create an end-to-end product portfolio that includes Hire, Labor, Schedule, Payroll, Accounting, Inventory, Logbook, Event Management, Intelligence, Manager and Employee Mobile Apps and third-party integrations including over 60+ point of sale partners.
“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 Jeffrey Stone, CEO of Compeat. “The combination of these two great companies will provide our customers with more choices and an obvious accounting, back office and workforce market leader. Our customers and employees are going to be the true benefactors of this combination.”
“I’ve entertained many conversations over the years and none felt right until now,” said Rob D’Ambrosia, Founder and CEO of Ctuit. “The combination of these three powerful organizations—Compeat, Ctuit and Serent Capital—coming together is incredible and the cultural fit is extremely strong. 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. We all share a passion for serving the restaurant industry and a culture of excellence, innovation and integrity with a customer-centric mindset.”
There are significant benefits to both sets of customers. Compeat customers will gain access to additional inventory features, an employee scheduling mobile app, a manager operations mobile app, an event management module and hundreds of additional customer centric intelligence reports. Ctuit customers will gain access to an integrated accounting product, an onboarding and applicant tracking product in Hire, as well as Payroll products and a true ad hoc analytics intelligence platform. It is truly a “win-win” for both customer bases.
All current products, customer contacts and support will remain the same for customers. Once integration is complete, customers will have more choices for add-ons and upgrades within the combined product portfolio.
Compeat’s CEO Jeffrey Stone will be CEO of the combined company. Rob D’Ambrosia, Founder and CEO of Ctuit, will take a Board seat and actively participate in guiding the new company. Bill Sheely, Ctuit’s Co-Founder and President, will be President of the combined company.
“We are thrilled to invest in Ctuit and welcome Rob to the Board,” said Kevin Frick, Chairman of Compeat and a Partner in Serent Capital. “We have a strong Board of Directors to support the leadership team in maintaining the high level of customer service both companies have historically provided and taking advantage of our competitive position.”
A brand decision for the combined company will be made over the next several months. Both the Compeat and the Ctuit brand will remain active in the marketplace through the end of 2017.
Serent's investment in Ctuit represents its fifth recent investment in the Restaurant and Hospitality Technology space—Knowland (2012), FranConnect (2014), Compeat (2015), Meeting Intelligence / HIS (2016), and Ctuit (2017).
CTUIT was represented by Viant Capital LLC of San Francisco.
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