Next Wave brings deep expertise in loss prevention auditing services for small-to-medium sized quick serve restaurant franchisees
Superior, CO and Millersville, MD. May 26, 2016 − Envysion, the industry leader in video-based business intelligence solutions, has acquired Millersville-based Next Wave, a growing technology-enabled services company focused on providing loss prevention auditing services to the Quick Serve Restaurant industry.
The two companies will integrate their complementary auditing and business intelligence solutions to assist restaurant franchise owners in preventing theft and to help them grow their businesses with effective employee coaching and real-time feedback from store video review. The acquisition has the backing of Envysion’s primary investor, Parthenon Capital Partners, a leading mid-market private equity investor in software and technology-enabled businesses.
“Next Wave provides a powerful but easy to utilize service that expertly addresses the theft and fraud issues faced by the entrepreneurs running small and medium sized franchisees,” said Matt Steinfort, CEO of Envysion. “We are excited to bring on a strong team and to leverage their theft prevention auditing capabilities and deep industry expertise to expand and accelerate our ability to meet the needs of the franchisee community.”
Founded in 2010, Next Wave provides an integrated SaaS-based technology platform for restaurant franchisees, enabling them to easily manage their businesses and protect them from theft and fraud.
“With an increasing percentage of business coming through the drive-thru window, internal theft becomes a growing problem, gobbling up food and paper costs and driving down top-line sales,” said Ken Trovato, President of Next Wave. “But there is significant growth for those that can master those operational challenges. We are excited to combine our service and industry expertise with the technology, reach and resources of Envysion to amplify our impact, accelerate our growth and continue to make managing franchisee complexity simple for our clients.”
Envysion is the leading video-driven business intelligence solutions provider that provides retail operators with instant and actionable insight, enabling them to increase profitability 10-15% through broad utilization of powerful video-based business intelligence. Envysion has transformed video surveillance into a strategic management tool that provides instant and unfiltered business insights to users across operations, loss prevention, marketing and human resources. Envysion’s patented and award winning platform quickly scales to 1,000s of locations and 10,000s of users without straining the IT department or network.
About Next Wave
Next Wave is a technology company with roots in the security industry, solving complex problems through integrated systems and video analysis.
For more information, please visit http://www.theftspot.com.
About Parthenon Equity Partners
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities.
For more information, visit http://www.parthenoncapitalpartners.com.