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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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PAR Technology Corporation (NYSE: PAR) announced that its Data Central application has been selected by California Pizza Kitchen (CPK) for enterprise-level data management. This decision will enhance CPK's back-office technology by controlling food and inventory costs and streamlining data reporting across various locations. The application is designed to save time for managers through features like accurate inventory counts and automated invoicing. CEO Savneet Singh emphasized the importance of reliable data reporting in current market conditions.
ParTech, Inc. (PAR) has announced a strategic partnership with Cardfree, Inc. to enhance their Brink POS® integration ecosystem. This collaboration will enable seamless digital commerce solutions, including mobile payments and customer engagement, tailored for the restaurant sector. With Cardfree’s technology, Brink POS® users can provide a frictionless payment experience, allowing guests to engage with loyalty programs and make contactless payments. The partnership aims to empower restaurants to adapt to evolving challenges in the digital landscape.
PAR Technology Corporation (NYSE: PAR) reported a 39.4% increase in Q4 2021 revenues to $81.6 million from $58.5 million in Q4 2020. Annual Software Annual Recurring Revenues (ARR) reached $88.2 million, up 163.6% from last year. Despite revenue growth, the company posted a net loss of $25.6 million in Q4 2021 compared to $13.0 million a year earlier. Full-year revenues were $282.9 million, a 32.3% rise. However, net losses for the year extended to $75.8 million compared to $36.6 million in 2020, indicating ongoing financial challenges.
ParTech, Inc. (PAR) announced that its Vice President of Strategy, Sastry Penumarthy, will speak at the 2022 NGA Conference in Las Vegas on March 1 at 10:45 a.m. PT. The presentation will focus on the evolution of customer loyalty in the grocery sector and the need for personalized shopping experiences. This event marks Punchh's first showcase at the conference, indicating PAR's expansion into the grocery market. Attendees can visit Punchh's booth #1337 to learn about their integrated solutions.
Pokeworks, the leading fast casual poke brand, has launched a new website, app, and enhanced online ordering capabilities in partnership with Koala, Olo, and PAR Technology's Punchh. This digital upgrade aims to improve customer experience through seamless mobile and online ordering, a new loyalty structure, and tailored offers. Customers can enjoy various promotions, such as $1.99 delivery and discounts for rewards referrals. As the largest poke brand with 65 locations, Pokeworks plans to double its store commitments in 2022, aiming for 85 locations by year-end.
PAR Technology Corporation (NYSE: PAR) will announce its fourth quarter financial results on March 1, 2022, at 4:00 p.m. ET. The release will be followed by a conference call at 4:30 p.m. ET, featuring key executives including President Savneet Singh and CFO Bryan Menar. Investors can participate by calling 844-419-5412. An archived version of the call will be available from 7:30 p.m. ET on March 1 through March 8, 2022. PAR Technology continues to strengthen its position in the restaurant technology sector with over 100,000 customers worldwide.
PAR Technology Corporation (NYSE: PAR) has partnered with Smoothie King, the largest smoothie franchise globally, to enhance its payment processing across over 1,000 locations. This strategic collaboration utilizes PAR's unified commerce cloud platform, which includes secure payment processing, Point-of-Sale, and back-office services. Smoothie King chose PAR for its reliability, competitive pricing, and superior guest experience. PAR's CEO, Savneet Singh, emphasized the significance of this deal, highlighting the scalability and efficiency it brings to Smoothie King's operations.
PAR Technology Corporation (NYSE: PAR) has announced a new integration partnership with Radius Networks to incorporate the Flybuy SaaS platform into its offerings. This collaboration aims to enhance restaurant operations by providing advanced location-based services. Flybuy's solutions, used at over 30,000 locations globally, will integrate with PAR's existing POS systems, offering features like real-time customer tracking and contactless payment options. The partnership is designed to improve customer experiences and operational efficiency for restaurants.
ParTech, Inc. (PAR) has announced a strategic partnership with Jolt to integrate its operations management software with Brink POS. Jolt's solution is already trusted by over 300,000 restaurant managers worldwide, offering features for team accountability and digital food safety. This integration eliminates duplicate entries, streamlining processes for Brink users. Both companies anticipate significant benefits from this collaboration, as it enhances operational efficiency during challenging times for restaurant owners.
PAR Technology Corporation (PAR) announced the selection of its Data Central back office management solution by Hwy 55, a QSR chain with over 130 locations. This partnership aims to standardize data streams across corporate and franchise outlets, enhancing operational flexibility. Hwy 55 seeks to consolidate data for better brand growth via PAR’s POS-agnostic Data Central. CEO Savneet Singh emphasized the importance of simplifying tech stacks for growing brands. This collaboration marks a significant step for PAR in expanding its presence in the restaurant technology sector.
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