Toast

Toast (NYSE: TOST) has a market cap of approximately $12 billion, serving as the dominant point-of-sale and restaurant management platform for over 120,000 restaurant locations across the US. Founded in 2011 in Boston, Toast processes $120 billion in annualized gross payment volume and offers everything from ordering and payments to payroll and scheduling. Its 2021 IPO at a $20 billion valuation validated the thesis that vertical software-plus-payments companies in the restaurant industry could command premium multiples.