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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 (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.
PAR Technology Corporation (NYSE: PAR) announced the rescheduling of its first quarter 2021 results to May 10, 2021, at 4:00 p.m. ET, with a conference call to follow at 4:30 p.m. ET. The call will feature insights from President Savneet Singh, CFO Bryan Menar, and VP Christopher Byrnes. Investors can join by calling 844-419-5412 or listen online via PAR's website. The presentation will be archived for later access. PAR is a leader in restaurant technology, recently acquiring Punchh Inc. to enhance its Unified Commerce Cloud Platform.
PAR Technology Corporation (NYSE: PAR) will announce its first quarter financial results on May 11, 2021, at 7:30 a.m. ET, followed by a conference call at 9:00 a.m. ET. Key executives, including CEO Savneet Singh and CFO Bryan Menar, will provide a business update and answer participant questions. Interested parties can join the call by calling 844-419-5412 or accessing it online. PAR Technology, a leader in restaurant and retail technology, serves over 100,000 restaurants in 110 countries. More details can be found on their website.
ParTech, Inc. (PAR) announced that Culver's, a quick-service restaurant chain with over 790 locations, has selected its Brink POS® system for all locations. Culver's chose Brink POS® due to its industry-leading integration capabilities and will work with RDS Wisconsin for implementation. The partnership aims to enhance customer service and adapt to changing consumer preferences towards online and drive-thru orders. Initial rollout starts this month, with full conversions expected by late 2021.
PAR Technology Corporation announced that its Founder, Dr. John W. Sammon Jr., will not seek re-election and will step down from the Board on June 4, 2021. Dr. Sammon, who founded the company in 1968 and has played a crucial role in its transformation into a top restaurant technology provider, emphasizes the importance of teamwork in PAR's achievements. Current CEO Savneet Singh expressed gratitude for Dr. Sammon's leadership and commitment. PAR Technology continues to innovate within the restaurant and retail tech spaces, enhancing operational efficiency for over 100,000 restaurants globally.
PAR Technology Corporation (NYSE: PAR) has acquired Punchh Inc. for approximately $500 million in cash and stock. This strategic acquisition aims to create a unified commerce cloud platform for enterprise restaurants, integrating point-of-sale, back office, and guest engagement solutions. CEO Savneet Singh highlighted the acquisition's potential to streamline operations and enhance restaurant-guest relationships. Pro-forma estimates indicate a combined annual recurring revenue (ARR) of $65 million by year-end 2020. The deal was financed through equity and debt, including a $160 million common stock sale.
PAR Technology Corporation announces the integration of Deliverect into its Brink POS® system, aimed at enhancing online order management for restaurants. This integration streamlines order processing from various platforms, enhancing operational efficiency and potentially boosting restaurant revenue. Deliverect has processed over 25 million orders globally, lowering order errors by 80% and increasing restaurant revenue by 25%. The collaboration supports over 100,000 restaurants worldwide, making the ordering process smoother for both operators and customers.
ParTech, Inc. (PAR), a leading provider of POS and back-office software for the restaurant sector, has integrated Odyssey Technologies’ Remote Eyes video management software into its Brink POS ecosystem. This software enables restaurant owners to monitor transactions in real-time, enhancing loss prevention and operational efficiency. With employee theft impacting 75% of inventory shortages in restaurants, this partnership aims to provide critical tools for minimizing theft and liability, ultimately improving customer experience and safeguarding profit margins.
PAR Technology Corporation (NYSE: PAR) will participate in the Sidoti Spring 2021 Virtual Conference on March 24-25, 2021. CEO Savneet Singh is scheduled for a fireside chat on March 24 at 11:30 a.m. ET, with a live webcast available on the company's investor relations page. Additionally, Singh will hold virtual one-on-one meetings with registered investors and analysts. PAR Technology provides POS software and solutions, serving over 100,000 restaurants globally.
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