PAR Technology Announces the Addition of Digital Video Solutions Provider i3 International to the Brink POS® Integration Ecosystem

Rhea-AI Summary

ParTech (PAR), a global provider of POS software, has integrated with i3 International, a provider of AI video solutions, enhancing its Brink POS® ecosystem. This collaboration allows restaurants to utilize video data alongside POS transaction details, improving operational efficiency, reducing wait times, and increasing sales. i3's technology addresses challenges faced by Quick Service Restaurants (QSR) with high turnover rates and safety concerns, particularly highlighted by the pandemic's impact on service speed.

Positive

• Integration with i3 International enhances Brink POS® functionality.
• Improved operational efficiency reported by QSR operators.
• Utilization of AI technology to reduce customer wait times.
• Potential for increased daily sales and improved bottom line.

Negative

• High turnover rates exceeding 75% in the QSR sector.
• Operational margins remain depressed, affecting growth.

ParTech, Inc. (PAR), a leading global provider of point of sale (POS) software and integrated technical solutions to the restaurant and retail industries, has added i3 International, an Artificial Intelligence (AI) video solutions provider, to its growing Brink POS® integration ecosystem. ParTech, Inc. is a wholly owned subsidiary of PAR Technology Corporation (NYSE: PAR).

Using video camera data combined with information supplied from Brink POS®, i3’s advanced AI technology helps restaurants and other businesses create and maintain safe and secure workplaces. i3’s cameras work seamlessly with Brink POS® transaction data to give restaurant operators the information they need to reduce customer wait times, increase overall daily sales totals, and improve the bottom line.

“The restaurant industry has been exploring new ways to add AI to their operations for several years now. Integrating with i3 was something we knew would be beneficial to our shared concepts,” said Stephen Lee, Director of Strategic Partnerships for PAR. “By integrating i3 into Brink POS®, restaurant operators, especially those in the QSR space, can start making decisions that benefit their business, their staff members, and their guests.”

“In closely reviewing the Quick Service Restaurant industry, we are acutely aware of the reduced and depressed operating margins that continue to challenge expansion and growth for QSR owners,” said Vy Hoang, Chief Customer Officer of i3 International. “Operators are reporting turnover rates typically exceeding 75%, some of which are directly related to theft. Covid-19 has also created a dynamic and profound shift with drive-through, curbside and mobile transactions as it relates to speed to service and safety. Combining Brink POS® transaction data with i3’s video analytic solution, owners are reporting an immediate improvement in food costs and operational efficiency. We are excited to work with PAR and bring innovative solutions to our shared clients.”

About i3 International

i3 provides intelligent, innovative, and integrated digital video solutions that help organizations create a safe and secure working environment. At the core of our technology is our advanced Artificial Intelligence (AI) engine. This technology has enabled i3 to collect important meta-data from the camera which can help businesses greatly reduce employee theft, drive efficiency in customer service, resulting in top and bottom-line improvement. For over 30 years, i3 has grown from a family-run business into a global brand. We are the leader in the designing and supplying of digital video solutions for today's foodservice industry. We understand the need for security and safety while balancing those needs with the desire for simplicity and ease of use. i3 led the industry in research and development in the field of video analytics, data analytics, and POS exception-based software. Our innovation pipeline remains fresh with new approaches to helping our partners and customers run a safe and profitable business.

About PAR Technology Corporation

PAR Technology Corporation through its wholly owned subsidiary ParTech, Inc., is a customer success-driven, global restaurant and retail technology company with over 100,000 restaurants in more than 110 countries using its point of sale hardware and software. ParTech’s Brink POS integration ecosystem enables quick service, fast casual, table service, and cloud restaurants to improve their operational efficiency by combining its cloud-based POS software with the world’s leading restaurant technology platforms. PAR Technology Corporation’s stock is traded on the New York Stock Exchange under the symbol PAR. For more information, visit www.partech.com or connect with PAR on Facebook or Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210217005076/en/

FAQ

What is the purpose of PAR's integration with i3 International?

The integration aims to enhance the functionality of Brink POS® by utilizing AI video solutions to improve operational efficiency and reduce wait times.

How does i3's technology benefit Quick Service Restaurants?

i3's technology helps QSR operators reduce employee theft, improve food costs, and enhance customer service efficiency.

What challenges do Quick Service Restaurants face according to the press release?

Challenges include high turnover rates, depressed operating margins, and the need for improved service speed and safety in the wake of the pandemic.

When was the press release about PAR and i3 International published?

The press release was published on February 17, 2021.

What stock symbol does PAR Technology Corporation operate under?

PAR Technology Corporation trades under the stock symbol 'PAR' on the NYSE.