Lavu, a mobile point-of-sale (POS) and payment processing platform, has snapped up automated accounts payable platform for restaurants Sourcery.
The deal consideration was not revealed.
An iPad-based POS system, Lavu is currently used in over 90 countries.
The transaction is said to strengthen Lavu’s restaurant management platform with Sourcery’s end-to-end payment automation capabilities.
The aim is to support a better assessment of vendors and pricing as well as minimise friction with vendors, thereby facilitating the decision-making process of restaurateurs.
Sourcery was set up in 2012 by Na’ama Moran and Peretz Partensky.
The firm moves the accounts payable process to the cloud instead of relying on paperwork.
It boosts analytics and tracking by saving, coding, and categorising data that can be accessed anytime and anywhere. At the same time, the process saves time and resources, Lavu noted.
Commenting on the development, Lavu CEO Saleem Khatri said: “Restaurants today still receive paper invoices from many vendors and waste precious time on cumbersome manual payment processes.
“Here at Lavu, we’ve listened to the painful stories of our clients and we’ve responded to their pain by acquiring Sourcery’s technology.”
In April this year, Lavu purchased MenuDrive.
Designed for restaurants, MenuDrive is an online and mobile ordering platform.