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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 has announced the rebranding of two core products: Brink POS is now PAR POS, and PAR MENU is now PAR Ordering. This strategic move aims to simplify restaurant management and provide integrated solutions for operational efficiency. PAR POS offers enhanced scalability, in-store resilience, and faster transaction times. PAR Ordering supports all digital ordering touchpoints and streamlines marketplace order management.
The rebranding reflects PAR's commitment to creating a unified platform that supports growth, enhances guest satisfaction, and empowers restaurant operators. The transition for existing customers will be seamless, with all functionalities, support services, and integrations remaining intact.
PAR Technology (NYSE: PAR), a global foodservice technology company, has announced its participation in the Goldman Sachs Communacopia + Technology Conference. CEO Savneet Singh will present to institutional investors on September 11, 2024, at 3:25 PM Eastern Time at The Palace Hotel in San Francisco, CA.
The presentation will take the form of a fireside chat, which will be webcast live and available for replay on PAR Technology's investor relations website. Additionally, PAR management will conduct one-on-one meetings with investors attending the conference.
This event provides an opportunity for PAR Technology to showcase its unified commerce solutions for enterprise restaurants and foodservice outlets to a significant audience of institutional investors.
FranchiseSEE and Par Technology (NYSE: PAR) have announced a strategic partnership to provide enhanced insights for franchise systems. FranchiseSEE, a software company specializing in franchise insights and health scores, will integrate with PAR's Brink POS and Data Central solutions. This collaboration aims to offer franchisors and franchisees a comprehensive view of their operations, including:
- Individualized 'SEE' Scores for each location
- High-level franchise rankings
- Real-time data access
- Enhanced reporting and analytics
The partnership has already shown positive results with Clean Eatz, an initial restaurant partner, reporting increased usage and operational improvements among franchisees based on KPI scores provided by FranchiseSEE.
Church's Texas Chicken® has partnered with PAR Technology's Punchh® platform to revolutionize its customer engagement and loyalty program. The collaboration aims to enhance the guest experience through a comprehensive loyalty solution tailored to the restaurant industry's dynamic needs. Church's has launched 'Church's Real Rewards™', a points-based program offering free items for sign-ups and redeemable points for menu items.
To celebrate the launch, Church's is running a sweepstakes where 500 winners can win free chicken for a year. This partnership demonstrates Church's commitment to deepening customer connections and differentiating itself in the competitive quick-service restaurant sector. PAR Punchh's platform will enable Church's to streamline offer management and implement a full loyalty program, potentially driving customer satisfaction and loyalty.
PAR Technology (NYSE: PAR) reported strong Q2 2024 results, with Annual Recurring Revenue (ARR) growing 56.9% to $192.2 million, including 23.9% organic growth. Quarterly subscription service revenues increased 47.7% year-over-year. The company completed the sale of PAR Government Systems for $95.0 million and Rome Research for $7.0 million. PAR also acquired TASK Group Holdings , enhancing its global foodservice technology platform.
Key financial highlights include:
- Revenue: $78.2 million, up 12.4% from Q2 2023
- Net Loss from Continuing Operations: $23.6 million
- Subscription Service Gross Margin: 53.1%, up 9.8% from Q2 2023
CEO Savneet Singh stated that PAR is on track to achieve adjusted EBITDA positivity next quarter, marking 2024 as an inflection point for the company.
PAR Punchh®, a leader in customer loyalty solutions, has released its first annual 'PAR Punchh Loyalty Trends Report'. The report, based on data from over 30% of top 100 restaurant brands, reveals how loyalty programs are reshaping the dining industry amid economic pressures and changing consumer behaviors. Key findings include:
1. A notable increase in morning sales as people return to offices.
2. The value of omnichannel ordering, with multi-channel users visiting more frequently and purchasing more.
3. A resurgence of in-store ordering, accounting for nearly 40% of transactions.
4. A 12% increase in loyalty sales from 2022 to 2023, outpacing overall restaurant spending growth.
5. Strong engagement from Gen Z, accounting for 25% of total loyalty sign-ups.
The report emphasizes the importance of strategic loyalty programs in creating emotional connections with customers and driving long-term profitability.
PAR Technology (NYSE: PAR) has announced the release date for its fiscal 2024 second quarter financial results. The company will report its results on Thursday, August 8, 2024, with the release scheduled for 7:30 a.m. ET. This will be followed by an investor presentation and conference call at 9:00 a.m. ET. Investors and interested parties can access the live webcast of the earnings conference call through the PAR Technology Investor Relations website. A recording of the webcast will be made available on the same site after the event. For any questions regarding the conference call, participants are encouraged to contact Tiffani Temple at 315-738-0600 x 6325.
PAR Technology (NYSE: PAR) has closed its acquisition of TASK Group Holdings , an Australia-based global foodservice transaction platform. The deal, valued at approximately U.S. $131.5 million in cash and 2,163,393 shares of PAR Technology common stock, broadens PAR's reach beyond the United States and brings in additional premier global brands.
TASK provides international unified commerce solutions, including interactive customer engagement and seamless integration, for major brands worldwide. Its platform is used by Starbucks and Guzman Y Gomez, while its loyalty customer engagement platform is utilized by McDonald's in 65 markets. This acquisition enables PAR to serve top enterprise foodservice brands globally with a unified commerce approach from front-of-house to back-of-house operations.
NexTech Solutions (NTS) has agreed to acquire Rome Research (RRC) with the transaction expected to close by Q2 2024. This acquisition is part of NTS's strategy to diversify its customer base and expand services globally. PAR Technology (NYSE: PAR) announced the sale of its Government operating segment, including its subsidiaries PAR Government Systems (PGSC) and RRC, for $102 million. NTS aims to integrate RRC into its Mission Support Solutions (MSS) business unit, ensuring a smooth transition for employees and customers. In 2023, NTS received a strategic investment from Clairvest to enhance its growth in the defense technology sector.
PAR Technology (NYSE: PAR), a global restaurant technology firm, announced the sale of its Government operating segment, consisting of PAR Government Systems (PGSC) and Rome Research (RRC), for a total of $102 million.
The sale of PGSC to Booz Allen Hamilton (NYSE: BAH) was finalized on June 7, 2024, while RRC is expected to be sold to NexTech Solutions Holdings by the end of Q2, 2024. This divestiture aligns with PAR's strategic aim to focus on becoming the foremost technology provider to enterprise foodservice.
CEO Savneet Singh emphasized that the move will allow PAR to reinvest in areas offering the highest returns, enhancing their primary business.
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