Back to School Retail Sales Expected to Rise in 2019

smallbiztrends | July 19, 2019

There’s a lot of good news this week for small business owners that’s looking in the rear view.But let’s look a little bit ahead and some big news this week for some retail small businesses.New data from the National Retail Federation suggests that Back to School shoppers plan to spend $40 more this year than they did last year on school supplies and clothing. Now, that’s on top of some pretty boisterous spending last year, so if you’re in the Back to School business in any way, there’s a good chance you’ll see an uptick in business.That is, of course, if you’re planning ahead. And that’s why the NRF released these numbers now.

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MarginEdge and 7shifts Announce Seamless Platform Integration for Restaurants

MarginEdge | May 18, 2022

Leading restaurant management platform, MarginEdge is pleased to announce a new integration with restaurant team management platform, 7shifts. This integration enables 7shifts clients to seamlessly and autonomously share their labor data with the MarginEdge platform, empowering them with a full view of their entire controllable costs. "We're thrilled to be partnering with 7shifts for this integration benefitting our mutual clients," said MarginEdge CEO Bo Davis. "Labor data is key to understanding variable costs and with the seamless data pull between our platforms, our clients can now see everything in one place enabling them to stay on top of the rapid changes our industry has been experiencing," he added. With the right tools, labor can be one of the most controllable costs in running a restaurant. This integration autonomously pulls data from 7shifts so that restaurants can: See all controllable costs and revenue in one place Track actual labor costs against budgeted labor costs in real time. View a declining labor budget throughout the period, updated daily, by comparing labor spending to a fixed dollar amount or to a percentage of sales. View detailed labor summaries broken down by category, employee, or job title throughout a weekly or daily period. Keep labor in one centralized location alongside other costs and your revenue, including any labor data recorded by a POS. "We're constantly working to deliver value for our customers, Being able to partner with MarginEdge as their first labor integration partner is exciting. This is a game-changer for our mutual restaurant partners - we've seen first-hand the impact it can have when it comes to hitting labor targets." -Jordan Boesch, Founder, and CEO of 7shifts, The ongoing labor shortages have made it more important than ever to be able to accurately staff restaurants, which can help prevent burnout and turnover ensuring better guest experiences and increased profits. By integrating both platforms, operators are supported by providing them the ability to make real-time decisions using robust analytics and insights, and all in one place. About MarginEdge MarginEdge's mission is to create a world where restaurant operators can focus on the business they love. By using best-in-class technology to eliminate unproductive paperwork and streamline the flow of operational data, MarginEdge is reimagining the back office and freeing restaurants to spend more time on their culinary offerings and guest experiences. Based in Arlington, VA and founded by industry veterans, MarginEdge serves a diverse group of operators from single units and small chains to large franchise and hospitality groups, providing a high impact product that resonates across the hospitality industry. About 7shifts Founded in Saskatoon, Canada, in 2014, with offices in Toronto and New Jersey, 7shifts is simplifying team management, one shift at a time. The restaurant employee team management solution is used by over 700,000 restaurant pros across North America, Europe, the Middle East, and Australia, including multi-unit restaurant groups like Bareburger, Smoke's Poutinerie, YogurtLand, Juice It Up!, and many others. More than a scheduling platform, 7shifts empowers restaurant managers to optimize their workforce to better manage employees, resulting in reduced labor costs.

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POS HARDWARE

Episode Six announces a double first with Galaxy FinX

Episode Six | June 17, 2022

Episode Six, a leading global payment and banking infrastructure provider, today announced a new relationship with Galaxy FinX, Vietnam's newest fintech builder that is re-shaping the future of money and banking in the country. The deal represents two firsts for Episode Six: a partnership in Vietnam as well as with a pure-play virtual-bank builder in Southeast Asia region. Galaxy FinX selected Episode Six to provide modern cloud-based card and payment processing, which includes consumer credit- and debit-card services as well as connections to Vietnam's domestic financial switch services. Just as Episode Six's Tritium platform helps traditional banks innovate and offer digital solutions, it is also purpose-built to deliver key capabilities to virtual and digital banks. Tritium offers a multi-asset class digital wallet management system that can open gateways to card scheme processing and transfers across bank networks, including ATMs and Point of Sale (POS) devices. "Episode Six is proud to be working with Galaxy FinX, which is our first partnership in Vietnam and our first with an entirely virtual-bank builder in Southeast Asia, There is tremendous growth potential for digital-only banking in Vietnam and across Southeast Asia, where millions of consumers and small businesses remain unbanked or underbanked. Our technology is ideally suited to helping pioneers like Galaxy FinX design and deliver products that meet the needs of digitally-native customers in Vietnam and beyond." -John Mitchell, CEO and Co-Founder of Episode Six. As a virtual-bank builder, Galaxy FinX will offer financial-service products, such as savings, lending, payments and insurance, digitally to Vietnam's growing consumer base. Episode Six will provide a market-tested backbone for Galaxy FinX's card services, allowing the new company to process payments and configure products to adapt to changing market conditions. Partnering with Episode Six also gives Galaxy FinX the flexibility to grow its business and focus on customers and evolving market dynamics rather than on underlying tech developments. Within this decade, the ongoing and worldwide shift from physical to digital represents hundreds of billions of dollars of value in the banking industry alone. Asia's emerging economies are at the cutting edge of these trends; Singapore as an advanced economy is already innovating in the space but look for even greater acceleration in neighbouring Malaysia, Thailand, and Indonesia as well as Vietnam. Digitalization is rapidly transforming the payments landscape for businesses and consumers. Research from IDC predicts that by 2030, 80% of global consumer payments will transact on mobile and connected devices and will not be processed by traditional institutions. Episode Six is a provider of the payment rails that make this transition possible. Vietnam is especially ripe for change because cloud- and mobile-based banking is quickly becoming a standard in the country, where large sections of the population have lacked access to traditional checking or savings bank accounts historically. According to data from Merchant Machine, Vietnam is the world's second-most unbanked nation. Together, Episode Six and Galaxy FinX will help change that dynamic. Episode Six's Tritium platform provides a comprehensive set of more than 550 APIs that facilitate innovation and customization for its clients. Its natively global solution handles different languages, currencies and country-specific regulatory requirements, and is adaptable for cloud or on-premise hosting options for real-time transfer across multiple asset classes, including fiat currencies, and other value storages, such as loyalty and reward points. About Episode Six Episode Six is a payments technology company that gives banks, fintechs and brands the freedom to design and bring leading digital payment propositions to market with unmatched speed. From issuer processing to digital wallet – across deposits, credit, savings, and loyalty rewards – and account management, we power clients' payments journeys with the most flexible and adaptable platform on the market today, providing highly configurable products with user-driven tools and technology to stay ahead of, and respond to, customer demand and market shifts. Episode Six's platform is purpose-built to transfer value of any kind – fiat currency, brand value points, gold, and more. Episode Six operates globally across 25 countries with an expanding team located in the U.S., Europe, Japan, Singapore, Hong Kong SAR, and Australia. Investors include HSBC, Mastercard, SBI Investment Co., Ltd. and Anthos Capital.

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Squirrel announces new Full-Service Restaurant Edition of the Squirrel Cloud POS at NRA 2022

Squirrel Systems | May 21, 2022

Squirrel Systems, a leading technology provider to the hospitality industry, announced the newest edition of the Squirrel Cloud POS at the National Restaurant Association tradeshow. Full service means all types of service today, and the Squirrel Cloud's Full-Service Restaurant edition was built to enable operators to better serve their guests at the table, bar, counter, curbside or via delivery – however the guest prefers. Inside the restaurant, the Full-Service Restaurant edition adds all the table service capabilities busy restaurants need such as transfers across servers, tables, and departments, sharing of items and split payments. Coursing options allow the meal to be automatically or manually paced. More uniquely, Squirrel leaned on its pedigree in sophisticated table service environments to create unique ordering workflows for tableside ordering and upscale or fine-dining discreet, terminal based-ordering. The Squirrel Cloud Full-Service Edition was honed based on feedback from the independent restaurants participating in the Squirrel Cloud Early Access program throughout 2021 and 2022. Squirrel's expertise in the enterprise full-service restaurant space also allowed for collaboration with innovative, long-time enterprise customers such as Wolfgang Puck. The team at Wolfgang Puck brings large scale, fine dining insights to the product, helping to refine the Squirrel Cloud offering for sophisticated restaurants and demanding kitchens. "Our team has been working closely with Squirrel to create a Cloud Point-of-Sale for the type of fine-dining restaurants we operate, We are looking forward to seeing our restaurants run on a modern, cloud-based Point-of-Sale platform built for enterprise restaurant customers." -Michael Lubitz, CFO at Wolfgang Puck Fine Dining. Filling out full-service restaurant needs is a curated list of newly integrated, best-of-breed partner solutions. Squirrel worked with Restaurant365, SevenRooms, Tacit Maegan and Eigen xDine online ordering to add their world-class products to the Squirrel Cloud ecosystem. Easy to use, secure, pay-at-the-table capabilities were added in conjunction with Squirrel's payment partners SHIFT4, Elavon and Eigen. The Squirrel Cloud is a next-generation point-of-sale platform built in partnership with Microsoft on Microsoft Azure® cloud infrastructure. This partnership allows Squirrel to deliver enterprise-grade reliability to its customers while accelerating the pace of feature development. "Only ten months after releasing the first publicly available version of the Squirrel Cloud POS, Squirrel's Product and R&D teams have been able to deliver the functionality required to run discerning full-service restaurants," said Jason Leeson, President of Squirrel Systems. "This is the pace of innovation that a true, modern cloud point-of-sale platform delivers to our customers." About Squirrel Systems Squirrel Systems is a leading provider of point-of-sale solutions focused exclusively on the Hospitality market. Squirrel revolutionized the industry with the first touchscreen restaurant POS system and continues to introduce market-leading innovations to help shape the industry. Visit www.squirrelsystems.com/squirrel-story to learn why Squirrel only works with food and beverage operators to enable amazing guest experiences from table to curb.

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POS SOLUTIONS

Corsair Acquires HungerRush from The CapStreet Group

Corsair | June 02, 2022

Corsair, a leading private equity firm targeting business services, software, and payments investments in the financial services market, today announced that it has acquired a majority stake in HungerRush™ (“HungerRush” or “the Company”), a leading cloud-based software provider for the restaurant industry, from The CapStreet Group (“CapStreet”), a Houston-based private equity firm. CapStreet will continue as a minority investor in the Company. Terms of the transaction were not disclosed. Founded in 2003, HungerRush has been driving the transition from the Point-of-Sale (POS) terminal of the past to the integrated cloud POS system of the future. HungerRush 360 is an all-in-one cloud POS system with integrated software, payments, and digital ordering capabilities primarily serving multi-site quick service restaurants (QSR) and fast casual operators. HungerRush 360 combines restaurant management, digital ordering, payment processing, customer engagement, and delivery management features with flexible software designed to give operators of all sizes more insight into their customers, control over their operations, and power to profitably grow their business. Corsair expects to leverage its deep payments and software expertise to support the Company as it executes its strategic plan to accelerate growth, enhances product and technology offerings, and continues to build on its history of successful acquisitions, including Menufy and 9Fold in 2021, and OrdrAI in 2020. This transaction builds on Corsair’s significant experience investing in and supporting growth at payments companies, including REPAY, TreviPay, and Aurora Payments. Perry Turbes, Chief Executive Officer of HungerRush, will continue to lead the Company and the current shareholders, including the management team, will roll a significant portion of their equity value into the transaction. “We are excited to welcome a like-minded partner with an impressive track record of supporting payments and software companies as we enter the next stage of our growth, Corsair’s investment and partnership provides an opportunity for HungerRush to capitalize on organic and inorganic growth opportunities, enhance our product offerings and go-to-market strategy, and continue to support clients with comprehensive payment and restaurant management solutions that are individually tailored to their values and business goals. We are also extremely thankful to the CapStreet team for their dedication and support over the last four years.” -Perry Turbes, Chief Executive Officer of HungerRush. “HungerRush is at the forefront of digital transformation in the restaurant industry. We see tremendous growth potential given its highly differentiated technology architecture, impressive sales momentum and customer pipeline, and numerous upsell and cross-sell opportunities, HungerRush’s proven ability to deliver value to its clients through its holistic cloud POS system, flexible and scalable software capabilities, premier data analytics, and AI-driven ordering system makes it a natural fit within Corsair’s portfolio. We look forward to partnering with Perry and the HungerRush team to capitalize on the significant opportunities in the large and growing market for digital restaurant solutions.” -Jeremy Schein, Partner at Corsair. About Corsair Corsair is a global specialist investment firm offering opportunities for investors and solutions for companies across financial & business services and infrastructure. The firm has almost three decades of experience partnering with businesses at the crossroads of technology transformation and financial services complexity and established its complementary infrastructure investment practice in 2015. Corsair has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception. More information about Corsair can be accessed through https://corsair-capital.com/. About HungerRush HungerRush is a leading provider of integrated restaurant solutions. HungerRush 360 is our flagship cloud POS system that makes it easier to delight guests, drive loyalty, and manage restaurants from anywhere. The all-in-one system integrates digital ordering, delivery, customer engagement, restaurant management, and payment processing features with flexible software designed to give operators of all sizes more insight into their customers, more control over their operations, and more power to profitably grow their business. HungerRush 360 OrderAI Text is an innovative text and voice ordering solution that allows customers to place orders via text without application downloads. Visit HungerRush.com. About The CapStreet Group Founded in 1990, CapStreet invests in lower middle market software, tech-enabled services and industrial business services companies. With over 45 platform investments and over 200-add-on acquisitions since inception, CapStreet’s investment strategy is focused on utilizing its CapValue FrameworkTM to accelerate growth and profitability, and create long term sustainable businesses. The majority of CapStreet’s investments have been with founder or entrepreneur-owned businesses.

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