Toast, a Boston-based tech unicorn that makes a management platform for restaurants, has acquired StratEx, a Chicago-based HR and payroll software company focused on the restaurant industry. StratEx’s software is used by restaurants to automate scheduling, applicant tracking, payroll, benefits and labor law compliance.
Founded in 2003, StratEx counts clients such as Dunkin' Donuts, Jimmy John's, Giordano's, and Girl & the Goat.
As a result of the deal, StratEx's product is now part of Toast's payroll and team management service.
“Clientele is just one aspect,” said Toast CFO and chief business officer Tim Barash. “The most important thing is that we love the product and the team.”
With this acquisition, Barash noted that the company will double down on investment in Chicago. He also confirmed that all jobs will remain intact, and the company will continue to hire across its offices in Boston, Chicago, Portland, Oregon, Omaha, Nebraska and Dublin, Ireland.
In April this year, Toast raised $250 million in a Series E round led by TCV and Tiger Global Management. At the time, with a valuation of over $2 billion, Toast leadership said it will invest as much as a billion dollars towards software and hardware research. Following the funding round in April, Toast told BostInno that it plans to add 1,000 employees by the end of 2019 in sales and marketing, R&D and customer success.
