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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 (NYSE: PAR) has announced its upcoming Investor Day scheduled for Monday, November 25, 2024, at 1:00 p.m. ET. The event will be hosted at the New York Stock Exchange with both in-person and virtual attendance options. In-person attendance is invitation-only, with registration closing on November 18, 2024. The event will feature presentations from key leadership team members, including CEO Savneet Singh and CFO Bryan Menar, followed by a Q&A session. A live webcast will be available through PAR's Investor Relations website.
PAR Technology (NYSE: PAR) has launched Punchh Wallet, a digital wallet solution that integrates loyalty programs with payment systems for restaurants. The platform offers features like saved payments, stored value, subscriptions, and digital passes through Apple and Google Wallet. Early results show impressive metrics: 163% increase in customer lifetime value, 70% increase in Apple Pay sign-ups, and a 6.5x lift in customer frequency. The solution aims to streamline checkout processes while providing valuable customer insights, addressing the growing demand for digital payment solutions as experts predict digital wallets will replace plastic cards by 2030.
PAR Technology (NYSE: PAR) has announced it will release its fiscal 2024 third quarter financial results on Friday, November 8, 2024, at 7:30 a.m. ET. The company will host an investor presentation and conference call at 9:00 a.m. ET on the same day. The earnings conference call will be webcast live and accessible through PAR Technology's Investor Relations website. A recording of the webcast will be made available after the event.
ParTech, Inc. (PAR) has unveiled its PAR POS Fall Release, introducing significant advancements in point-of-sale technology for the restaurant industry. Key features include:
- Pay-at-the-Table via QR Code with PAR Pay and CheckPlease, offering contactless payments and boosting average tips by 16%
- Platform Extensibility with local RESTful API endpoints for in-store integration
- Enhanced Data Management with custom labels and identifiers
- Rapid Promo Entry for faster, more accurate order processing
- On the Fly, One Behind Ordering to improve kitchen efficiency
- Multi-Lane Drive-Thru Enhancements for improved order accuracy and reduced labor effort
The rollout of the latest version begins in Q4 2024, aiming to enhance operational efficiency and customer satisfaction in restaurants.
Kickfin, the leading tip management software, has announced a new integration with PAR POS. This integration allows PAR POS customers to auto-calculate tip pools or shares and send payouts directly to employees' bank accounts, eliminating the need for cash or pay cards. Kickfin's software simplifies tip management, enhances accuracy, and ensures compliance.
The integration with PAR POS, a cloud-based platform for the enterprise foodservice industry, enables users to create complex tip policies based on various factors like roles, shifts, and sales categories. Tips can be distributed instantly, 24/7, with robust payment tracking and easy-to-access reports for streamlined accounting.
Oliver Ostertag, General Manager of Operator Cloud, emphasized that this integration empowers PAR POS users with industry-leading tip distribution software, improving efficiency and allowing teams to focus on guest experiences. Brian Hassan, co-CEO of Kickfin, highlighted the time-saving benefits of automating tip management processes.
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.
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