Extreme Pizza vs Papa Murphy's

Papa Murphy’s is the stronger opportunity right now, and the decision comes down to TAM and timing. With 965 franchised units against Extreme Pizza’s 20, the addressable base is nearly 50x larger. That scale means even a modest attach rate translates into a real pipeline, while Extreme Pizza’s entire system is smaller than a single decent rollout at Papa Murphy’s. The slower contraction rate (-3.6% vs. -9.1%) also signals less churn risk, giving us a more stable renewal base. The procurement model is the meaningful tradeoff: Extreme Pizza’s franchisor-controlled supply chain would let us sell a tightly integrated, high-compliance stack through a single throat to choke, but the unit count makes that irrelevant. Papa Murphy’s approved-supplier model is messier for integration, yet the sheer volume of independent operators needing POS, scheduling, and marketing automation that talks to a fragmented supply side is exactly where our platform adds the most value.

Budget reinforces the TAM advantage. Papa Murphy’s investment band of $450k–$693k sits in a sweet spot where franchisees have enough capital to buy a serious software suite but not so much that they build custom solutions. Extreme Pizza’s lower entry point ($330k) and lower AUV ($698k vs. Papa Murphy’s implied higher-volume take-and-bake economics) suggest thinner margins and less appetite for multi-module SaaS. The fresher FDD and higher ad fund at Papa Murphy’s also hint at a franchisor investing in system-wide marketing—a tailwind for our marketing automation module if we can align with corporate initiatives.

Verdict: Papa Murphy’s wins on TAM, stability, and budget reality, and the open procurement model is a solvable integration problem, not a dealbreaker.