PayMyTab, a Fort Lauderdale-based technology payments company for the restaurant industry, has bought MenuPad, a similar tech firm in Tampa.
The deal, finalized Wednesday, resulted in 11 layoffs at MenuPad, said Vic Lafita, CEO. Lafita is not staying on with the new owner.
MenuPad was founded by Chris Sullivan, a co-founder of Outback Steakhouse, in 2013, as a way to order food at the table using a tablet.
PayMyTab, founded in 2016 by tech entrepreneur Tom Holmes, started as a pay-at-the-table product that’s moving into the ordering space, Lafita said.
“It’s a great marriage for the two companies and a great opportunity for clients,” Lafita said.
Financial terms were not disclosed.
Holmes did not immediately return a call for comment.
PayMyTab has its own developers and didn’t need the full staff from MenuPad, Lafita said.
“All my people were great. Many of them stayed with me for five years. They believed in the product and stuck it out and it’s sad it’s coming to a close for some of them but MenuPad is in great hands,” he said.
Developers with several years experience are likely to get new jobs quickly, he said.
A core group from MenuPad will stay on with PayMyTab, he said.
PayMyTab has a much wider reach than MenuPad. About 5,000 restaurants use PayMyTab, compared to about 100 for MenuPad, Lafita said.
PayMyTab has a payment system that processes a credit or debit card at the table, so the server doesn’t have to leave the diner’s sight to run the card though a processing machine, according to the Sun Sentinel. That helps prevents chargebacks, which occurs when a customer disputes a bill.
The Florida Restaurant and Lodging Show last year awarded its top prize for innovation to PayMyTab, PYMNTS.com reported.