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PAR Technology Corporation (NYSE: PAR) has been a significant player in the technology sector for over 30 years, primarily serving the hospitality and government markets. The company operates through two main segments: Restaurant/Retail and Government. The Restaurant/Retail segment offers advanced point-of-sale and management technology solutions, including both hardware and software, designed to streamline operations for a wide array of food service providers, from large international chains to independent restaurants. PAR's solutions also extend to retailers, cinemas, cruise lines, stadiums, and various food service companies.
The Government segment, on the other hand, specializes in providing computer-based system design, engineering, and technical services to the Department of Defense and various federal agencies. This segment recently attracted significant attention with the planned sale of its Government business unit, which includes subsidiaries PAR Government Systems Corporation (PGSC) and Rome Research Corporation (RRC), for $102 million to NexTech Solutions (NTS). This strategic move marks a substantial reorientation for PAR as it focuses more on its core hospitality technology offerings.
Financially, PAR Technology Corporation derives the majority of its revenue from its Restaurant/Retail segment, indicating a strong market presence and demand for its technology solutions. The company continually evolves its product offerings to meet the changing needs of its diverse client base, ensuring it remains at the forefront of the industry.
Visit www.partech.com for more information.
PAR Technology (NYSE: PAR) has announced agreements to exchange $100 million of its 2.875% Convertible Senior Notes due 2026 for approximately 2.4 million shares of common stock and $336,000 in cash. The Notes Exchange is expected to close on November 27, 2024. Following the exchange, $20 million principal amount of Notes will remain outstanding. CEO Savneet Singh stated this debt-to-equity conversion provides balance sheet flexibility for future investment opportunities. J.P. Morgan acted as sole agent, while J. Wood Capital Advisors served as financial advisor for the transaction.
PAR Technology (NYSE: PAR), a leading global provider of technology to enterprise foodservice and retail, has announced its participation in the Stephens Annual Investment Conference. CEO Savneet Singh will engage in a fireside chat on Thursday, November 21, 2024, at 11:00 a.m. Eastern Time. The presentation will be accessible through a live webcast and replay on PAR's website investor relations section. The company's management team will also hold one-on-one meetings with conference attendees.
PAR Technology (NYSE: PAR) has launched PAR Clear™, an advanced drive-thru communications headset system designed to enhance customer experience and operational efficiency. The system features HD Wideband Audio, dual-array microphones, and the industry's longest range powered by DECT 6.0 technology. Key features include cloud-based management, an 11.6" wall-mounted touchscreen console, and future-ready scalability supporting multiple lanes. The solution aims to reduce service times, increase order accuracy, and improve customer satisfaction through superior audio clarity and extended range capabilities.
PAR Technology reported strong Q3 2024 results with Annual Recurring Revenue (ARR) growing to $248.1 million, representing 93.3% total growth and 24.8% organic growth from Q3 '23. Revenue increased 40.8% to $96.8 million. The company achieved its first quarter of positive adjusted EBITDA under current management. Notable events include the sale of Rome Research and acquisition of TASK Group. Engagement Cloud ARR reached $154.7 million with 117.8k active sites, while Operator Cloud ARR hit $93.4 million with 32.7k active sites. Subscription service revenues grew 91.0% year-over-year.
PAR Technology (NYSE: PAR) has announced its upcoming Investor Day scheduled for Monday, November 25, 2024, at 1:00 p.m. ET. The event will be hosted at the New York Stock Exchange with both in-person and virtual attendance options. In-person attendance is invitation-only, with registration closing on November 18, 2024. The event will feature presentations from key leadership team members, including CEO Savneet Singh and CFO Bryan Menar, followed by a Q&A session. A live webcast will be available through PAR's Investor Relations website.
PAR Technology (NYSE: PAR) has launched Punchh Wallet, a digital wallet solution that integrates loyalty programs with payment systems for restaurants. The platform offers features like saved payments, stored value, subscriptions, and digital passes through Apple and Google Wallet. Early results show impressive metrics: 163% increase in customer lifetime value, 70% increase in Apple Pay sign-ups, and a 6.5x lift in customer frequency. The solution aims to streamline checkout processes while providing valuable customer insights, addressing the growing demand for digital payment solutions as experts predict digital wallets will replace plastic cards by 2030.
PAR Technology (NYSE: PAR) has announced it will release its fiscal 2024 third quarter financial results on Friday, November 8, 2024, at 7:30 a.m. ET. The company will host an investor presentation and conference call at 9:00 a.m. ET on the same day. The earnings conference call will be webcast live and accessible through PAR Technology's Investor Relations website. A recording of the webcast will be made available after the event.
ParTech, Inc. (PAR) has unveiled its PAR POS Fall Release, introducing significant advancements in point-of-sale technology for the restaurant industry. Key features include:
- Pay-at-the-Table via QR Code with PAR Pay and CheckPlease, offering contactless payments and boosting average tips by 16%
- Platform Extensibility with local RESTful API endpoints for in-store integration
- Enhanced Data Management with custom labels and identifiers
- Rapid Promo Entry for faster, more accurate order processing
- On the Fly, One Behind Ordering to improve kitchen efficiency
- Multi-Lane Drive-Thru Enhancements for improved order accuracy and reduced labor effort
The rollout of the latest version begins in Q4 2024, aiming to enhance operational efficiency and customer satisfaction in restaurants.
Kickfin, the leading tip management software, has announced a new integration with PAR POS. This integration allows PAR POS customers to auto-calculate tip pools or shares and send payouts directly to employees' bank accounts, eliminating the need for cash or pay cards. Kickfin's software simplifies tip management, enhances accuracy, and ensures compliance.
The integration with PAR POS, a cloud-based platform for the enterprise foodservice industry, enables users to create complex tip policies based on various factors like roles, shifts, and sales categories. Tips can be distributed instantly, 24/7, with robust payment tracking and easy-to-access reports for streamlined accounting.
Oliver Ostertag, General Manager of Operator Cloud, emphasized that this integration empowers PAR POS users with industry-leading tip distribution software, improving efficiency and allowing teams to focus on guest experiences. Brian Hassan, co-CEO of Kickfin, highlighted the time-saving benefits of automating tip management processes.
PAR Technology has announced the rebranding of two core products: Brink POS is now PAR POS, and PAR MENU is now PAR Ordering. This strategic move aims to simplify restaurant management and provide integrated solutions for operational efficiency. PAR POS offers enhanced scalability, in-store resilience, and faster transaction times. PAR Ordering supports all digital ordering touchpoints and streamlines marketplace order management.
The rebranding reflects PAR's commitment to creating a unified platform that supports growth, enhances guest satisfaction, and empowers restaurant operators. The transition for existing customers will be seamless, with all functionalities, support services, and integrations remaining intact.
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