Lavu Acquires Sourcery, a Y Combinator-Backed Startup Focusing on Accounts Payable Automation
The acquisition complements Lavu’s restaurant management platform with end-to-end payment automation solutions
ALBUQUERQUE, N.M.–(BUSINESS WIRE)–Leading mobile point-of-sale and payment processing platform, Lavu, announced the acquisition of Sourcery, an automated accounts payable solution designed for the restaurant industry.
Lavu’s POS platform supplies restaurateurs with comprehensive management tools to streamline operations and increase revenue while Sourcery is devoted to providing the most efficient payment automation technology available. The partnership will enable greater success in all aspects of restaurant management.
Restaurant accounting practices have been slow to evolve over the years. Many restaurants are stuck using antiquated methods when it comes to their accounting processes. As noted by Lavu CEO, Saleem S. Khatri, “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. We are excited to share Sourcery with our customers and see them achieve optimum operational efficiency.”
Sourcery’s technology removes the need for pen and paper and transfers the accounts payable process to the cloud. Not only does this cut back on time and resources needed, it improves analytics and tracking. Information is saved, coded, and categorized for future use, with the data accessible from anywhere at anytime. Payments are automated and sent through a secure, online billpay platform and invoices are processed quickly and easily. From invoice intake, to approvals, to payment execution, Sourcery is an end-to-end payment automation solution.
The pairing of Lavu’s and Sourcery’s technology platforms will help reduce friction with the vendor at every step and allow for deeper analysis of vendors and pricing. The data generated will enable restaurateurs to make knowledgeable decisions that directly impact their bottom lines.
“Lavu is the perfect complement to Sourcery, bringing modern restaurant technology to all aspects of the management process. We are eager to see the success restaurants can achieve with the combined power of the Lavu and Sourcery platforms. ” said Teri Wilson, Sourcery’s GM.
Lavu is the world’s leading mobile point-of-sale and payment processing system for restaurants and bars. Used in food service establishments in more than 90 countries, Lavu is a full-featured iPad-based POS system. Lavu was the first iPad point of sale in the Apple App Store and continues to offer the latest in features and functionalities. Offering flexible payment-processing solutions, an intuitive interface, and a proprietary business management suite, Lavu’s restaurant management platform is ideal for all food and drink establishments.
A company that has built an industry-specific payments and commerce platform for the wholesale foodservice and hospitality industry. The company’s platform allows food suppliers and buyers to manage their transactions online, ranging from electronic invoicing to payments to product selection. It also provides an application that streamlines ordering, price comparison, and payment processes. Sourcery was founded in 2012 by Na’ama Moran and Peretz Partensky. Na’ama has continued in the restaurant logistics space with Cheetah. For more information, please visit http://getsourcery.com/.