Envysion, a Superior, Colo.-based leader in video-based business intelligence solutions, acquired Next Wave, a technology-enabled services company focused on providing loss prevention auditing services to quick-service restaurants.
The two companies will integrate their complementary auditing and business intelligence solutions to assist restaurant franchise owners in preventing theft and providing effective employee coaching and real-time feedback from store video reviews. The acquisition has the backing of Envysion’s primary investor, Parthenon Capital Partners, a Boston-based 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,” says Matt Steinfort, chief executive officer 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.”
“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,” says Ken Trovato, president of Next Wave, Millersville, Md. “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.”