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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 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.
Booz Allen Hamilton (NYSE: BAH) has acquired PAR Government Systems (PGSC), a subsidiary of PAR Technology (NYSE: PAR). The acquisition aims to enhance Booz Allen's technology solutions for national defense, focusing on situational awareness, decision-making advantages, and counter-uncrewed aerial systems (UAS) threats.
PGSC, founded in 1985 and headquartered in Rome, New York, specializes in real-time communications and mobile situational awareness. Its expertise will augment Booz Allen’s existing technologies, allowing for a more comprehensive array of solutions for defense clients.
PGSC's capabilities include Integrated Tactical Solutions, Innovative and Commercial Solutions, and Intelligence and Readiness Operations. These will integrate into Booz Allen's global defense business, aiming to deliver advanced geospatial mapping, improved situational awareness, and support for Low Earth Orbit space data solutions.
This acquisition aligns with Booz Allen's VoLT growth strategy and Department of Defense priorities.
PAR Technology announces the PAR Brink POS 2024 Spring Release, featuring new enhancements aimed at improving table service, operational efficiency, and guest experiences for enterprise restaurants. Key upgrades include PAR Pay-At-Table for seamless transactions, a Tip Share feature for transparent gratuity distribution, and pre-authorized credit card tabs for a smooth dining experience. Additional features are tailored reporting for full-service restaurants, gamification for upsells, and automated drive-thru lane sequencing. This release aims to help restaurants navigate challenges such as inflation, labor costs, and lower traffic while maintaining high guest satisfaction.
PAR Technology (NYSE: PAR), a global provider of restaurant technology and unified commerce solutions for enterprise restaurants, announced that its CEO, Savneet Singh, will participate in the J.P. Morgan Global Technology, Media and Communications Conference. The event will take place on May 20th, featuring a fireside chat at 3:50 p.m. ET. PAR's management team will also hold one-on-one meetings with investors and analysts. The fireside chat will be streamed live on PAR's investor relations website, with replays available after the event.
PAR Technology reported strong financial results for the first quarter of 2024, with Annual Recurring Revenue (ARR) growing to $185.7 million, a 60.2% total growth and 24.8% organic growth. The quarterly subscription service revenues increased by 37.2% year-over-year. PAR acquired Stuzo, a digital engagement software provider, and entered into an agreement to acquire TASK, a global food service transaction platform. Revenues for the quarter were reported at $105.5 million, a 5.0% increase compared to the same period in 2023. However, there was a net loss of $18.3 million, with an EBITDA loss of $17.1 million and an Adjusted EBITDA loss of $7.2 million. Adjusted net loss was $10.8 million. The company's key performance indicators ARR and Active Sites were presented as two subscription service product lines: Engagement Cloud and Operator Cloud.
PAR Technology (NYSE: PAR) will release its fiscal 2024 first-quarter financial results on May 9, 2024. The earnings call and webcast will follow the release, providing investors with an opportunity to learn more about the company's performance.
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