The acquisition adds to Buyers Edge Platform’s comprehensive SaaS offerings which deliver end-to-end Ordering, Accounting, Payroll and Food Cost Management solutions.
Buyers Edge Platform, a leading digital procurement platform with more than $50 billion in total foodservice spend flowing through its platform, announced the acquisition of RASI (Restaurant Accounting Services Inc.), a leading accounting, payroll and finance software for the foodservice industry. RASI processes $2.9B in annual accounts payable across more than 2,000 clients in the United States and processes 20,000 payroll checks per week for restaurant employees.
The current economics in the hospitality industry have increased the need for data-driven technology solutions that help restaurants lower food costs, improve operational efficiency and, ultimately, improve margins. Most restaurants have outgrown non-industry-specific accounting software and are looking for a solution that is built around the unique revenue, cost of goods and labor challenges of restaurants.
“We are ecstatic about welcoming the RASI team and technology into the Buyers Edge Platform! Traditionally, restaurant software has been siloed into only performing one specific function, so the restaurants have been forced to piecemeal their tech stack with systems that don’t connect efficiently and are not truly built with foodservice operations in mind,” said John Davie, CEO of Buyers Edge Platform. “The RASI software completes a major component in the Buyers Edge Back Office, which has been under development for many years.”
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In an industry where only 25% of new independent restaurants remain open within the first 24 months, RASI’s clients have a 91% success rate. RASI clients have earned up to a 14% first-year increase in Operational Net Profits and realize an average of approximately 4% reduction in Cost of Goods Sold by utilizing RASI’s tools and services. RASI’s existing client base gains access to Buyers Edge Platform’s comprehensive services which include discounted manufacturer contracts, produce management, supply chain management and more.
Matt Vannini, RASI CEO stated, “What really excites our team the most about joining the Buyers Edge Platform’s family of companies is that our clients now gain access to Buyers Edge Platform’s comprehensive services which include volume prices and rebates on over 165,000 unique products, produce management, non-food contracts savings and more.” Vannini further stated, “This coming-together provides existing RASI clients with end-to-end, leading-edge technologies, industry expertise in procurement, financial and operational management tools and services, all dedicated to keeping our clients proactively focused on revenue-generating activities. As a 4th generation restaurateur, I believe firmly that we’re delivering the highest value and savings for our clients.”
RASI’s powerful software offerings will be packaged alongside existing Buyers Edge Platform service offerings – furthering Buyers Edge Platform’s reach in reducing costs and digitizing formerly-manual restaurant operations processes. Buyers Edge Platform’s software reaches independent, multi-location, franchise and enterprise restaurant groups, and now delivers daily accounts payable, automation, inventory, recipe costing, accounting and payroll all under one roof.
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