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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., a leader in POS solutions for the restaurant sector, has announced its integration with FreedomPay as a payment gateway option for Brink POS customers. This addition enhances the existing ecosystem, enabling restaurants to innovate and adapt to market changes. The FreedomPay platform allows restaurants to maintain their current payment devices, minimizing unnecessary expenses. ParTech emphasizes the choice and cost-saving potential this integration offers to restaurants navigating the current economic landscape.
PAR Technology Corporation (NYSE: PAR) reported Q3 2020 revenues of $54.8 million, marking a 20.7% increase from Q3 2019. The growth was driven by $7.2 million from acquisitions, offset by the divestiture of SureCheck. GAAP net loss improved to $3.7 million (or $0.20 loss per share) from $5.9 million a year ago. Year-to-date revenues reached $155.3 million, up 15.6%. CEO Savneet Singh emphasized resilience within the restaurant sector and increasing demand for cloud solutions amid the pandemic. Notable achievements included strong Brink ARR growth and a significant backlog of orders.
PAR Technology Corporation (NYSE: PAR) is set to report its third quarter financial results on November 6, 2020, at 7:30 a.m. ET. This will be followed by an investor presentation and conference call at 9:00 a.m. ET. Key executives, including President Savneet Singh and CFO Bryan Menar, will provide updates and answer questions during the call. Interested investors can join the call by dialing 844-419-5412. Detailed information about the company and its services, especially its POS technology used globally, is available on its investor page.
ParTech, a prominent provider of POS software, integrates OpenEye’s cloud-based video platform into its Brink POS ecosystem. This collaboration enhances loss prevention capabilities for restaurants, allowing operators to verify transaction events and improve ROI. OpenEye's system provides health monitoring alerts to reduce downtime and enables secure, password-protected video sharing. Over 100,000 restaurants globally utilize ParTech’s solutions, reinforcing its commitment to operational efficiency in the restaurant industry. This partnership aims to strengthen security and operational intelligence for clients.
ParTech, Inc (PAR) announced that its Brink POS cloud application was selected by Fazoli’s Impact Hospitality Group for their first ghost kitchen in Atlanta, GA. The innovative facility, located in PREP Atlanta, is tailored for off-premise orders, allowing Fazoli’s to meet strong delivery demand. The integration of Brink POS enables a seamless online ordering experience through various platforms, enhancing operational efficiency. Additionally, this marks Fazoli’s first major metropolitan location, expanding their reach while minimizing traditional restaurant costs.
ParTech has incorporated Zuppler into its Brink POS integration ecosystem, enhancing food ordering solutions for restaurants. Zuppler offers an online and on-premise ordering system that provides a consistent branded experience for customers while eliminating high fees and delays. Its approach includes a 40-step monitoring process to ensure order quality. This partnership aims to support restaurants in delivering a seamless online ordering experience, vital for their operational success amidst increasing demand for delivery and pickup services.
ParTech, a leader in POS software, has integrated Tattle into its Brink POS ecosystem. This partnership aims to enhance customer satisfaction by utilizing artificial intelligence to identify improvement areas in off-premise ordering, which has surged due to pandemic-related dine-in restrictions. Tattle's surveys leverage transaction data to deliver actionable feedback, critical as off-premise sales now constitute up to 80% of restaurant revenues. This initiative aligns with PAR's mission to boost guest experiences, driving operational improvements and potential revenue growth.
PAR Technology Corporation (PAR) has launched PAR Payment Services, an all-in-one payment processing solution tailored for restaurants. This new offering aims to streamline payment operations by eliminating hidden fees and complex pricing models, providing restaurants with a clear, single monthly fee for services. The service includes options like a Hardware Payment Plan, allowing for monthly payments, and the freedom to choose payment devices. CEO Savneet Singh highlighted the need for transparency in payment partnerships, positioning PAR Payment Services as a fair alternative.
PAR Technology Corporation (NYSE: PAR) has announced a public offering of 3,350,000 shares of its common stock at $38.00 per share, aiming for gross proceeds of $127.3 million. The offering, managed by Jefferies LLC, includes a 30-day option for the underwriter to purchase an additional 502,500 shares. Proceeds will be used for working capital, general corporate purposes, and potential investments in complementary assets. The offering is expected to close on or about October 5, 2020, pending customary closing conditions.
PAR Technology Corporation (NYSE: PAR) has announced a public offering of 3,350,000 shares of its common stock, with an additional option for underwriter Jefferies to purchase up to 502,500 additional shares. The offering will be utilized for working capital, corporate purposes, and potential acquisitions. This offering is under an automatically effective shelf registration statement filed with the SEC. Market conditions may affect completion and terms.
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