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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.
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.
ParTech, Inc. (PAR) has expanded its Brink POS integration partner ecosystem by collaborating with Glimpse, an innovative software service aimed at optimizing restaurant operations through AI. Glimpse uses video analysis to enhance inventory management and employee performance, helping restaurants reduce costs and improve service speed. Notably, customers have reported savings exceeding $45,000 annually. The partnership is expected to provide real-time business insights, aiding operators in making informed decisions to maximize revenue while addressing the challenges posed by COVID-19.
ParTech, Inc. (PAR) has integrated employee rewards app Onaroll into its Brink POS® ecosystem. Onaroll gamifies work to boost staff engagement and productivity, tackling high turnover costs, which average $6,000 per employee for restaurants. Participating establishments report over a 30% increase in incentivized sales and a 50% improvement in employee punctuality. This partnership enhances employee morale and retention while lowering labor costs, ultimately improving restaurant performance.
PAR Technology Corporation (NYSE: PAR) is a prominent global provider of software and integrated solutions for the restaurant industry. The company will be participating in the BTIG Restaurant Technology Forum on May 26, 2021, conducting one-on-one meetings with investors and analysts. With over 100,000 restaurants in more than 110 countries using its technology, PAR recently acquired Punchh Inc. to enhance its unified cloud commerce platform. This positions PAR as a leader in improving operational efficiency for various restaurant services.
ParTech, Inc. (NYSE: PAR), a leader in POS software for the restaurant sector, announced that DiBella’s Subs has adopted its Data Central® back-office solution across all 43 locations. This decision follows DiBella’s prior implementation of Brink POS® and PAR Pay in 2019, aimed at supporting expansion. Data Central's capabilities in inventory management and enterprise reporting will enhance operational efficiency and decision-making for DiBella’s, allowing better control over purchasing and labor scheduling. The collaboration aims to boost scalability and improve overall profitability.
PAR Technology Corporation (NYSE: PAR) will participate in the 16th Annual Needham Virtual Technology and Media Conference.
Management will hold one-on-one meetings with investors and analysts on May 18-19, 2021. Interested investors can contact their Needham representatives to schedule meetings.
PAR, through its subsidiary ParTech, serves over 100,000 restaurants worldwide, enhancing operational efficiency with its integrated technology solutions, including the recent acquisition of Punchh Inc. for loyalty solutions.
PAR Technology Corporation (NYSE:PAR) reported Q1 2021 revenues of $54.5 million, slightly down from $54.7 million in Q1 2020. The net loss improved to $8.3 million or $0.38 per share, compared to a loss of $10.9 million or $0.61 per share last year. EBITDA loss narrowed to $3.3 million from $12.0 million. Notably, Brink POS® bookings surged by 85% year-over-year, totaling 1,345 stores. The backlog reached an unprecedented 3,327 stores. The acquisition of Punchh is set to enhance the company's software platform.
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