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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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ParTech (PAR), a global provider of POS software, has integrated with i3 International, a provider of AI video solutions, enhancing its Brink POS® ecosystem. This collaboration allows restaurants to utilize video data alongside POS transaction details, improving operational efficiency, reducing wait times, and increasing sales. i3's technology addresses challenges faced by Quick Service Restaurants (QSR) with high turnover rates and safety concerns, particularly highlighted by the pandemic's impact on service speed.
ParTech, Inc. has integrated DAVO Sales Tax® into its Brink POS® platform, streamlining sales tax management for restaurant operators. This service automatically calculates, sets aside, and remits sales tax, alleviating the burden on operators. Over the past two years, DAVO has enabled automatic filing of more than $120 million in sales tax. Peter Murray, DAVO's CEO, highlighted PAR's strong reputation in the restaurant sector as a reason for this partnership. This collaboration aims to enhance operational efficiency, allowing restaurant owners to focus more on business growth rather than tax-related paperwork.
ParTech, Inc. (PAR), a leader in POS software solutions, has partnered with Dash Now, a contactless payment provider. This integration aims to help restaurants enhance customer experience through curbside pickup and contactless transactions, amidst growing demand for non-contact services. Dash Now's technology reportedly boosts to-go sales by 13% and increases server tips by 30%. This collaboration supports restaurants in navigating challenges during the pandemic, improving operational efficiency while minimizing labor costs.
ParTech has integrated Craftable into its Brink POS ecosystem, enhancing operational efficiency for restaurant operators. With Craftable's tools, users gain real-time insights into inventory, sales, and costs, resulting in reduced food costs by 2-3%, pour costs by 3-5%, and labor costs by 50%. This partnership aims to support the restaurant industry during challenging times, offering comprehensive management solutions for both single and multi-unit locations.
ParTech has integrated XPR into its Brink POS ecosystem, enhancing self-service ordering solutions for restaurants. XPR’s technology has shown to increase average order sizes by 23% and order values by 18% in recent studies. This partnership will allow customers to utilize contactless ordering and self-service kiosks, streamlining operations and reducing labor costs. The collaboration aims to provide innovative solutions tailored to improve operational efficiency and customer experience in the hospitality industry.
PAR Technology Corporation (NYSE: PAR) has officially launched the PAR Helix™, a new point of sale terminal aimed at enhancing restaurant operations. This terminal features a 13.3” monitor, 8GB RAM, an Intel Celeron processor, and a 128GB SSD. The removable compute module allows for easy maintenance and upgrades, minimizing downtime. It also includes a double-hinge system for adjustable height, improving usability. Available for purchase starting January 20, 2021, the Helix aims to streamline restaurant workflows while maintaining a high guest experience.
ParTech, Inc. (PAR) has announced that CKE Restaurants Holdings, Inc., which operates the Carl’s Jr. and Hardee’s brands, has selected its Brink POS software for corporate and select franchise restaurants. With CKE's existing partnership with PAR for hardware and services, the decision to utilize Brink POS was influenced by its cloud-based capabilities, enhancing the customer experience and operational efficiency. The rollout is set to begin this quarter, supported by both CKE's service providers and PAR’s service partners.
PAR Technology's subsidiary, ParTech, announced a significant partnership with Boston Market to implement Brink POS® software and EverServ® hardware across 350 locations nationwide. This decision is driven by Boston Market's need for a cloud-based solution capable of quick integration and customization, particularly highlighted during the pandemic. The partnership, facilitated by RDS Hospitality, aims to enhance operational efficiency and improve customer engagement. CEO Savneet Singh emphasized the commitment to innovation and customer success in collaboration with Boston Market.
ParTech, a leader in POS solutions, has enhanced its Brink POS integration with the addition of Lineup, an AI-driven sales and labor forecasting platform. Lineup empowers restaurant operators by providing accurate sales predictions and labor insights, improving decision-making even amidst ongoing challenges from COVID-19. Its predictive capabilities, which are now back to pre-pandemic accuracy levels, leverage machine learning to evolve continuously with changing external factors. This integration aims to optimize staffing and operational efficiency in the restaurant sector.
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