Among them are ... [+] cofounders Steve Fredette, Aman Narang and Jonathan Grimm, who are all now billionaires. Speaking before the stock began trading, Narang, who serves as chief operating officer, said that the IPO was “just a milestone” in a longer term journey. The trio of MIT graduates had previously worked together at e-commerce search software company Endeca, which was acquired by Oracle. But a digital shift helped the startup to rebound rapidly as restaurants shifted to delivery and pickup models and increasingly relied on Toast’s software to conduct the transactions. Narang touts Toast’s exclusive focus on restaurants as an asset in its quest to expand its market share.

Source: Forbes September 22, 2021 17:03 UTC