AI platform Parsly acquired by Buyers Edge Platform to enhance restaurant efficiency

Parsly, an artificial intelligence-powered platform from Sweden that specialises in analysing purchasing data for the restaurant industry, has been acquired by Buyers Edge Platform, a notable US-based technology company. This acquisition is poised to expand Parsly’s operations both in Europe and in the US, allowing it to enhance its innovative platform designed to support restaurant owners in improving efficiency and reducing costs.

Founded in 2021 amidst the global pandemic, Parsly was established during a period marked by significant challenges for the restaurant sector. Despite these difficulties, the company quickly made a name for itself within the industry, especially in Stockholm, where it captured about a third of its target market during its inaugural year. Parsly’s target demographic comprises restaurants with annual turnovers ranging from $0.5 million to $5 million. Since its inception, the platform has been adopted by over 500 restaurants across Sweden and has processed purchasing data amounting to over $140 million.

The primary function of Parsly’s platform is to streamline procurement management for small- and medium-sized restaurant businesses. By providing data-driven insights typically reserved for larger franchise operations, Parsly seeks to enhance restaurant profitability and operational efficiency. The onboarding process for its autonomous service is efficiently designed, taking a mere 10 minutes to initiate.

Leo Kia, the founder and CEO of Parsly, expressed optimism about the acquisition. He stated, “From the start, our goal has been to help restaurateurs achieve greater efficiency and profitability with an autonomous service that requires minimal effort. With Buyers Edge Platform’s reach and resources, what we have created can significantly expand its impact globally.”

Joining Buyers Edge Platform means Parsly’s clientele will gain access to an even broader array of technological solutions and benefit from competitive pricing through Buyers Edge Platform’s extensive global supplier network. This integration represents a strategic enhancement to the resources available to Parsly users.

Ramzi Ferchichi, Parsly’s co-founder and chief technology officer, echoed Kia’s sentiments, emphasising the alignment of values between the two companies. “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,” Ferchichi stated.

This acquisition marks Buyers Edge Platform’s fifth venture into the European market this year, solidifying its status as a leading entity in procurement technology tailored for the restaurant industry. John Davie, CEO of Buyers Edge Platform, commented on the significance of the acquisition, saying, “Parsly will add new functionality to our tech offerings and bolster our foothold in the European market.”

The union of these two companies is anticipated to accelerate innovation and broaden access to advanced procurement solutions for restaurants, signifying a forward-thinking development in the ever-evolving dining sector.

Source: Noah Wire Services