PAR Technology Corp. - PAR STOCK NEWS

PAR Technology Corporation has strengthened its partnership with Salsarita’s Fresh Mexican Grill by adding Data Central to their technology stack. This addition enhances Salsarita’s operational efficiency, enabling improved cost control and faster reporting capabilities. Since the implementation, Salsarita’s has reported significant time savings, with data reporting reduced from days to under an hour. This partnership, which began in 2017 with the selection of PAR’s Brink POS, is now further solidified with the comprehensive back-office management tools.

PAR Technology Corporation (NYSE: PAR) has priced its concurrent public offerings of 892,857 shares of common stock and $235 million of 1.5% Convertible Senior Notes due 2027. The offerings are expected to raise approximately $275.4 million, which will primarily be used to repay a $180 million term loan. The company also plans to use remaining proceeds for corporate purposes and potential investments. The offerings are anticipated to close on September 17, 2021, with certain underwriters granted options for additional purchases.

PAR Technology Corporation (NYSE: PAR) announced the offering of 1.5 million shares of common stock and $200 million in Convertible Senior Notes due 2027. A 30-day option will allow underwriters to purchase an additional 225,000 shares and $30 million in notes. The 2027 Notes mature on October 15, 2027, and are convertible under certain conditions. Proceeds will be used for general corporate purposes including debt repayment. Goldman Sachs & Co. LLC is the sole book-running manager for the offerings.

PAR Technology has introduced new products at FSTEC 2023, enhancing its restaurant technology offerings. Notable innovations include PAR Phase, designed for AI and fraud prevention, and PAR Infinity, which offers Hardware as a Service. PAR Helix is highlighted for its restaurant-centric design. Key features of these products include easy upgrades, a single monthly subscription to minimize capital expenditure, and comprehensive lifecycle support. With over 100,000 restaurants using its solutions globally, PAR continues to position itself as a leader in restaurant technology.

PAR Technology Corporation announced that Jack in the Box has entered the final phase of implementing PAR’s customer loyalty solution, Punchh, across its 2,219 restaurants. This initiative aims to enhance the digital experience for guests by introducing an online loyalty program and updating the ordering interface. Punchh’s platform will allow Jack in the Box to send targeted promotions, broadening its marketing capabilities. Over the past 18 months, Punchh has gained 71 new customers, positioning itself as a leader in restaurant loyalty programs.

ParTech, Inc. (PAR) has partnered with GRUBBRR® to enhance self-ordering solutions for restaurants. This collaboration allows restaurants to implement customized systems seamlessly. GRUBBRR's product offerings include kiosks and automated checkout systems that work with Brink POS® to boost average ticket totals, reduce costs, and enhance customer experience. Both companies have integrated their platforms to facilitate data transfer, enabling existing Brink POS clients to add GRUBBRR kiosks easily, potentially increasing sales by 40-50% through automated upselling.

PAR Technology Corporation (NYSE: PAR) announced that CEO Savneet Singh will participate in a virtual fireside chat at the Canaccord Genuity 41st Annual Growth Conference on August 11 at 10:00 a.m. ET. He will also hold virtual one-on-one meetings with institutional investors and analysts. A live audio webcast of the discussion will be available on the company's website, with a replay provided after the conference. PAR Technology, serving over 100,000 restaurants in 110 countries, recently acquired Punchh Inc. to enhance its Unified Commerce Cloud Platform.

PAR Technology Corporation (NYSE: PAR) reported a 50.9% increase in revenue to $69.0 million for Q2 2021, compared to $45.7 million in Q2 2020. However, the company recorded a net loss of $10.0 million and an EBITDA loss of $11.3 million. Year-to-date revenue rose 22.9% to $123.4 million, with a net loss of $18.2 million. The company’s Annual Recurring Revenue (ARR) reached $76.7 million, a 166% increase year-over-year. CEO Savneet Singh highlighted challenges with global supply chains but noted increasing bookings and strong performance in their cloud solutions.

ParTech, a restaurant technology provider, announced that Mr. Pickle’s, a California-based sandwich chain, has chosen PAR Payment Services for payment processing across all locations. This partnership enhances their existing relationship, as Mr. Pickle's already utilizes Brink POS, PAR Pay, and Data Central. CEO Michael Nelson praised PAR for its transparent pricing and excellent customer support. PAR's payment services are hardware agnostic, facilitating flexible payment options for restaurants.