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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 the pricing of a $100 million private offering of 1.00% Convertible Senior Notes due 2030. The Notes, which will mature on January 15, 2030, will be sold to qualified institutional buyers under Rule 144A. The initial purchaser has an option to buy an additional $15 million in Notes.
The Notes will carry a 1.00% annual interest rate, payable semiannually, and will be convertible into PAR's common stock at an initial conversion rate of 10.3089 shares per $1,000 principal amount (approximately $97.00 per share, representing a 32.5% premium). The company expects net proceeds of approximately $96.7 million, which will primarily be used to repay the $90 million Blue Owl Term Loan.
The Notes will be redeemable at PAR's option after January 20, 2028, subject to certain conditions, including if the company's stock price reaches 130% of the conversion price for a specified period.
PAR Technology (NYSE: PAR) has announced its intention to offer $100 million of Convertible Senior Notes due 2030 in a private offering to qualified institutional buyers. The company may grant an additional $15 million option to initial purchasers.
The Notes will be unsecured obligations with semiannual interest payments, convertible into cash, company stock, or a combination thereof. PAR plans to use the proceeds to repay its $90 million Blue Owl Term Loan, with remaining funds allocated for general corporate purposes and potential acquisitions.
The Notes won't be redeemable before January 20, 2028, after which PAR can redeem them at 100% of principal plus accrued interest if the stock price maintains 130% of conversion price for specified periods. Final terms, including interest rate and conversion rate, will be determined based on market conditions.
PAR Technology (NYSE: PAR) has launched PAR Gift™, a new gift card solution designed to revolutionize customer engagement and revenue growth for restaurants and retailers. The platform offers personalized engagement through multiple channels (SMS, email, social media, physical cards), seamless system integration, and enhanced features including cashback rewards and auto-reload capabilities.
The solution comes as digital gift cards are projected to grow at a 15.8% compound annual growth rate through 2030. Research shows customers typically spend 61% more than their gift card value, highlighting the significant revenue potential for businesses. PAR Gift aims to help businesses capitalize on this trend by providing a streamlined, scalable platform that transforms gifting into a personalized experience while driving measurable results.
PAR Technology (NYSE: PAR), a global foodservice technology company, announced that CEO Savneet Singh will present at the 27th Annual Needham Growth Conference.
The event will take place at the Lotte New York Palace Hotel on Tuesday, January 14, 2025. Mr. Singh is scheduled for a fireside chat at 9:30 AM ET. A live webcast and replay of the discussion will be accessible via the company's investor relations website.
Additionally, PAR management will conduct one-on-one meetings with investors attending the conference.
PAR Technology (NYSE: PAR) has acquired Delaget, , a leading provider of restaurant analytics and business intelligence solutions, in a transaction that closed on December 31, 2024. The acquisition, valued at $132.0 million, was primarily paid in PAR common stock.
Delaget serves over 30,000 locations and 125+ brands, including 40 of the top 50 North America-based restaurant concepts. Their platform provides data analytics, loss prevention, and operational insights to help restaurant operators improve profitability.
The acquisition aims to enhance PAR's Operator Cloud solution and accelerate the development of the PAR Data Platform, which unifies data across restaurant tech stacks to provide comprehensive guest and operational insights.
PAR Technology (NYSE: PAR) announces that Condado Tacos has selected PAR® Data Central® to enhance its operations. The rapidly growing restaurant chain aims to streamline kitchen-to-store logistics, optimize labor, and improve menu performance across locations. Data Central provides modules for food & inventory management, labor scheduling, enterprise reporting, and commissary operations.
Already using PAR's Punchh® loyalty program, Condado Tacos chose Data Central for its custom reporting capabilities and precise tracking of food costs. The solution addresses challenges in central kitchen operations by automating inventory tracking and reducing food cost variances. The implementation enables real-time visibility into operations and helps the restaurant chain become more proactive in its expansion strategy.
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.
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