Overview
Restaurant365 is a leading Software as a Service (SaaS) company founded in 2011 by Tony Smith, Morgan Harris, and John Moody, headquartered in Irvine, California, with an additional office in Austin, Texas. The company is renowned for creating the Restaurant Enterprise Management (REM) category, offering a comprehensive, cloud-based platform that integrates key financial, operational, and workforce processes specifically for the restaurant industry.
Products and Services
Restaurant365 provides an all-encompassing, cloud-based solution for restaurant management, which includes:
- Accounting and Inventory Management: Seamlessly integrates accounting with inventory management to help control costs and drive profitability.
- Workforce Solutions: Incorporates scheduling, payroll, and human resources management to optimize labor use.
- Operational Efficiency: Enhances restaurant productivity through increased visibility and control.
The platform integrates with Point of Sale (POS) systems, banks, and vendors, minimizing manual tasks and providing better visibility into financial outcomes.
Leadership
The leadership of Restaurant365 is led by innovative strategists who guide the company's strategic direction, product development, and marketing:
- Tony Smith: Co-Founder & CEO, guiding strategic vision and company culture.
- Morgan Harris: Co-Founder & Chief Community Officer, focusing on customer advocacy and partnerships.
- John Moody: Co-Founder & Chief Strategist, responsible for long-term strategic initiatives.
- Jessica Lanier: Chief Financial Officer.
- Will Emmons: Chief Revenue Officer.
- Katie Fairchild: Chief Marketing Officer.
- Kevin Beach: Chief Technology Officer.
Recent Developments
In 2021, Restaurant365 solidified its leadership in restaurant management solutions through the acquisitions of Compeat and Ctuit. Furthermore, in May 2024, the company closed a $175 million funding round led by ICONIQ Growth, elevating its valuation over $1 billion. These developments are set to enhance the company's product offerings and competitive positioning.
Strategic Approach and Core Values
Restaurant365 emphasizes strong company culture and employee satisfaction through its core values of:
- Love Good Food
- Share Constructive Honesty
- Solve Problems, Together
- Relentlessly Seek Greatness
These values are deeply embedded in the company's operations and its dedication to the restaurant industry's growth through both philanthropic efforts and educational resources.
Market Position and Clients
With solutions being utilized in over 40,000 locations, Restaurant365 plays a significant role in advancing restaurant management. The platform empowers restaurants by increasing sales, managing food costs, and optimizing labor, thereby supporting various restaurant concepts nationally.
Competitor Analysis
Overview of Competitors
Restaurant365 competes within a dynamic market landscape with various major players providing comparable solutions. These competitors emphasize cloud-based management, inventory control, and operational efficiency.
Key Competitors and Features
1. CrunchTime
- Offers a cloud-based platform for inventory, labor, learning, and operations execution.
- Integrates POS, accounting, and HR systems.
- Used by over 150,000 locations worldwide, assisting major brands like Chipotle, Domino's, and Dunkin'.
2. MarketMan
- Focuses on inventory and vendor payment solutions with functionalities for budgeting, reporting, and cost management.
- Integrates with popular POS systems, leveraging real-time insights for efficiency.
3. Toast
- Provides an all-in-one POS and restaurant management system on the Android platform.
- Supports over 120,000 US restaurants with services extending from online ordering to reservations, bolstered by significant growth and funding.
4. Restroworks (formerly Posist)
- Delivers a cloud-based restaurant technology platform for both front-of-house and back-of-house operations.
- Serves over 23,000 restaurants globally across 50+ countries with enterprise-scale solutions.
Other Noteworthy Competitors
- Sage Intacct and NetSuite: Known for vast financial management functionalities.
- QuickBooks Online and Desktop: Offers accessible accounting solutions for small to medium-sized businesses.
- Odoo and WISK: Provides general management tools tailored for restaurant-specific needs.
Market Position
Restaurant365's solutions are designed to tackle complex management tasks in the restaurant industry by focusing on accounting, inventory, and human resources management. Its open API integrations connect to numerous systems, providing a robust suite that offers detailed business insights, paving the way for extensive operational and cost efficiencies.
