Swedish-based Parsly, an AI-driven platform that analyses purchasing data to help restaurants optimise operations, has been acquired by US-based Buyers Edge Platform, a technology firm specialising in the restaurant industry.
This acquisition is Buyers Edge Platform’s fifth in Europe this year. The US-based company aims to support Parsly’s development and facilitate its expansion into both Europe and the United States.
Helping restaurateurs save time and money
Founded in 2021 by Leo Kia and Ramzi Ferchichi, Parsly aims to assist restaurant owners in saving time and money by streamlining the purchasing process.
The platform automates administrative tasks, including invoice management and monitoring fluctuating purchase prices, allowing restaurant owners to concentrate on their core business operations and passion.
Emerging during the pandemic, Parsly gained traction through referrals among restaurant owners. In its first year, the platform captured approximately one-third of its target market in Stockholm, focusing on restaurants with annual revenues between $0.5M and $5M.
Currently, Parsly services over 500 restaurants in Sweden and has analysed purchases totalling more than $140M since its inception.
Aim of the acquisition
Parsly enhances procurement management and improves profitability for small and medium-sized restaurants by delivering data-driven insights that are typically available only to larger chains.
The acquisition by Buyers Edge Platform is anticipated to bolster these capabilities and facilitate further growth for Parsly in the competitive restaurant industry.
Founder Kia, says, “From the start, our goal has been to help restaurateurs achieve greater efficiency and profitability with an autonomous service that requires minimal effort – just a 10-minute onboarding. With Buyers Edge Platform’s reach and resources, what we have created can significantly expand its impact globally.”
Going forward, Parsly users will access software solutions and competitive pricing through Buyers Edge Platform’s global supplier network. “Parsly will add new functionality to our tech offerings and bolster our foothold in the European market,” says John Davie, CEO of Buyers Edge Platform.
Co-founder Ferchichi, says, “We are thrilled to join Buyers Edge Platform, whose values align with ours. Together, we are committed to creating a fair and transparent market for the entire industry – restaurants, producers and distributors.”
Brief about Buyers Edge Platform
Founded in 1998, Buyers Edge Platform transforms the food service industry through technology and partnerships, managing over $60B in aggregated spend volume.
It enhances cost transparency and data visibility for operators, distributors, and manufacturers, serving over 200,000 restaurant locations globally through its Digital Procurement Network, Fresh Solutions, Supply Chain Management, and Software.
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