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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 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.
PAR Technology Corporation (NYSE: PAR) will release its second quarter financial results on August 9, 2021, at 4:00 p.m. ET. This will be followed by an investor conference call at 4:30 p.m. ET, featuring President Savneet Singh and CFO Bryan Menar. Participants can join the call by dialing 844-419-5412. An archived version of the presentation will be available from 7:30 p.m. on the same day until August 16, 2021. PAR Technology serves over 100,000 restaurants globally, providing innovative restaurant solutions and has recently acquired Punchh Inc.
ParTech, Inc. (PAR) announces the launch of its customer loyalty solution, Punchh Pickup, designed to enhance the pickup experience for customers and employees. This platform allows operators to manage pickup orders through a customizable web console, providing real-time updates and improving communication with customers. The Chief Marketing Officer of Capriotti’s noted that this implementation will reduce wait times and streamline operations. PAR's integration of customer loyalty with pickup services aims to support restaurants in adapting to the growing demand for off-premises ordering post-pandemic.
ParTech, Inc. (PAR) is expanding its Brink POS® integration partner ecosystem by partnering with OneDataSource, a business intelligence platform for multi-unit restaurant operators. This integration allows operators to access vital data across their networks, enhancing decision-making capabilities. OneDataSource’s solution can reduce error rates and data entry costs significantly, enabling faster scaling for restaurant concepts. The partnership aims to improve operational efficiency and drive better business outcomes.
ParTech, Inc. (PAR) has welcomed EmployeeMetrics, a labor compliance platform, into its Brink POS integration partner network. This collaboration aims to simplify the tracking of employee hours and compliance with labor laws, potentially reducing labor costs for businesses. EmployeeMetrics offers real-time data visualizations and alerts via its Employee Tracker App, enhancing workforce management. The partnership is positioned to benefit restaurant managers by providing insights into staffing issues, thereby improving operational efficiency.
ParTech (PAR) has announced the integration of Appfront into its Brink POS ecosystem. This online ordering and loyalty platform enables restaurants to enhance customer experiences through streamlined ordering and personalized campaigns. Appfront claims a 60% transition to digital for its customers, signifying a strong shift towards online sales in the restaurant sector. The integration aims to support smaller restaurant chains, which often lack access to crucial customer data for effective online engagement.
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