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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.
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PAR Technology Corporation (NYSE:PAR) has secured a $15.2 million contract from the U.S. Navy for operations and maintenance support at the Global Information Grid facility in Lago Patria, Sicily. This five-year award reflects RRC's ongoing expertise in satellite communication, further solidifying its long-standing relationship with the Navy, which has existed since 2005. The contract will enhance RRC's capabilities in supporting vital military communications and operational needs, ensuring uninterrupted service for the U.S. Department of Defense and its allies.
ParTech, Inc. (PAR), a leader in restaurant technology, has partnered with GoGoGuest to enhance customer intelligence solutions integrated into the Brink POS® system. This collaboration aims to provide restaurants with AI-driven insights, aiding in personalized marketing and data management across various customer touchpoints. GoGoGuest's solutions enable brands to streamline data analysis, optimize revenue cycles, and improve customer engagement. With over 100,000 restaurants globally utilizing PAR’s technology, this partnership is set to strengthen its position in the restaurant tech landscape.
PAR Technology Corporation (NYSE: PAR) has appointed Marcus Wasdin as General Manager of its Data Central® solution. This move highlights PAR's commitment to enhancing its unified commerce platform for restaurants. Wasdin brings a wealth of experience from previous roles as CIO for the Atlanta Hawks and Church’s Chicken. His expertise will be crucial as PAR positions itself for expansion and seeks to meet the growing demand for innovative restaurant technology.
PAR Technology reported a 42.0% increase in Q3 2021 revenues, totaling $77.9 million, driven by the Punchh acquisition, which contributed $9.7 million. Annual Recurring Revenue (ARR) surged to $82.5 million, a 164% increase from Q3 2020. However, the company faced a net loss of $31.9 million or $1.23 per share, worsening from $3.7 million loss in Q3 2020. EBITDA loss for the quarter was $20.4 million, compared to a profit of $0.9 million last year. The company secured a $490.4 million IDIQ contract with the U.S. Air Force, marking a significant business milestone.
PAR Technology Corporation (NYSE: PAR) has secured a significant contract with the U.S. Air Force Research Laboratory, valued at
PAR Technology Corporation (NYSE: PAR) will announce its third quarter financial results on November 9, 2021, at 4:00 p.m. ET. The results will be followed by an investor presentation and a conference call led by executives, including Savneet Singh and Bryan Menar. Interested parties can join the call by dialling 844-419-5412 or by accessing the event online. A recorded version will be available until November 16, 2021.
PAR Technology Corp. (PAR) has launched its new flagship POS hardware, PAR Phase™, featuring 11th Gen Intel® Core™ vPro® and Intel® Celeron® processors. This next-generation terminal aims to enhance restaurant technology, ensuring longevity and adaptability for future innovations. With a focus on maximizing ROI, it offers flexible engagement options, tool-less features, and aesthetic designs to suit various restaurant brands. Executive comments emphasize the importance of such advancements in keeping up with the evolving hospitality landscape.
TCGplayer has appointed Savneet Singh to its Board of Directors, effective immediately. Singh, currently the President and CEO of PAR Technology Corp. (NYSE: PAR), brings over 15 years of experience in technology and SaaS. His leadership at PAR has transformed the company into a fast-growing SaaS business. This appointment comes during a significant growth phase for TCGplayer, which recently added several executive positions and secured $35 million in financing to expand into new collectible markets. Singh's background aligns with TCGplayer's objectives, promoting innovation in the collectibles industry.
PAR Technology Corporation (NYSE: PAR) announced the appointment of Dr. Leah Rowe as Director of Training and Readiness at its subsidiary, PAR Government Systems Corporation. Dr. Rowe will facilitate the transfer of advanced training technology from the Air Force Research Laboratory to PGSC, aiming to enhance business within DoD and other federal sectors. Her extensive experience in developing training technology, including the Networked Integrated Tactical Environment (NITE), supports PGSC's strategic growth in advanced training solutions.
PAR Technology Corporation (NYSE: PAR) has appointed Raju Malhotra as Chief Product & Technology Officer. Previously the CPTO at Punchh Inc., which was acquired by PAR in April 2021, he brings over 20 years of experience from companies like Salesforce and Microsoft. The newly created role aims to enhance PAR's unified commerce cloud platform amidst growth in the hospitality industry. CEO Savneet Singh praised Malhotra's accomplishments and leadership skills, fueling expectations for innovation in restaurant technology.
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