A New York City-based private equity firm has purchased a majority stake in Houston-based HungerRush, a provider of cloud-based software for restaurants. Terms of the deal weren’t disclosed.

Corsair Capital, the new majority shareholder, bought its stake from The CapStreet Group, a private equity firm based in Houston. CapStreet, which first invested in the tech company in 2018, retains a minority stake in HungerRush.

“HungerRush is at the forefront of digital transformation in the restaurant industry. We see tremendous growth potential given its highly differentiated technology architecture, impressive sales momentum and customer pipeline, and numerous upsell and cross-sell opportunities,” Jeremy Schein, a partner at Corsair, says in a news release.

Founded in 2003 as Revention, HungerRush offers a point-of-sale system that includes payment-processing, digital ordering, customer engagement, and delivery management capabilities. Customers of the HungerRush 360 product primarily are operators of quick service and fast casual restaurants with numerous locations.

The Dealreported that HungerRush is on track to reach $100 million in annual recurring revenue in 2022.

Last year, HungerRush acquired two companies: Overland Park, Kansas-based Menufy and New York City-based 9Fold. Menufy provides software for restaurant takeouts and deliveries, and 9Fold provides software for restaurant ordering and marketing. A year earlier, HungerRush purchased Ann Arbor, Michigan-based OrdrAI, a provider of text and voice ordering technology for restaurants.

Perry Turbes, CEO of HungerRush, will continue to lead HungerRush. The current shareholders, including the management team, will roll a significant portion of their equity into the Corsair deal.

Corsair’s investment “provides an opportunity for HungerRush to capitalize on organic and inorganic growth opportunities, enhance our product offerings and go-to-market strategy, and continue to support clients with comprehensive payment and restaurant management solutions that are individually tailored to their values and business goals,” Turbes says.

Raymond James was the financial adviser for Corsair, and Simpson Thacher & Bartlett was its legal adviser. William Blair was the financial adviser for HungerRush and CapStreet, and Willkie Farr & Gallagher was their legal adviser.