As of the end of last year, Toast provided its payment technology services to 57,000 restaurant locations that had processed about $57 billion of gross payment volume for the year, according to the annual SEC filing.

A spokesperson for Toast declined to provide financial details for the acquisition, or to disclose Sling’s employee headcount or annual revenue. Sling, a privately-held company, was founded in 2015, according to the Baird report.

Toast, founded in late 2011, has been a top point-of-sale player in the increasingly competitive restaurant technology industry. It sold shares in an initial public offering last year. Still, the arena is dominated by long-time heavyweights NCR and Oracle.

The acquisition of Sling will allow Toast to give its restaurant clients an advantage in the tight labor market, the company said. With U.S. employers battling to retain and recruit workers, such tools may help restaurants attract and retain employees.

“Through features including scheduling templates, in-app messaging and multi-location team management, Sling helps restaurants staff more efficiently and better manage labor costs, and helps increase employee job satisfaction,” the release said.

The acquisition has closed already, according to the spokesperson for Toast.

By Lynne Marek on July 7, 2022
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