PAR Technology Introduces PAR Infinity™, A Bold New Offering to Ensure Nothing Comes Between Restaurants and Guests

Rhea-AI Summary

PAR Technology (PAR) has introduced PAT Infinity, a subscription-based Hardware as a Service (HaaS) solution designed for restaurants. This offering combines industry-leading technology and full lifecycle support including installation, maintenance, and upgrades. With no upfront payments, PAR alleviates the burden of hardware management on restaurants, ensuring they can focus on guest experiences. Supported by the new PAR Helix™ terminal, this service aims to combat technology obsolescence, addressing operational challenges identified by industry analysts.

Positive

• Launch of PAR Infinity™ enhances service delivery for restaurants.
• No upfront payments needed, minimizing financial burden on customers.
• Full life cycle support including maintenance and upgrades offered.

Negative

• None.

PAR’s Hardware as a Service offering provides counter and kitchen hardware, includes services that support the entire life of the terminal

NEW HARTFORD, N.Y.--(BUSINESS WIRE)-- ParTech, Inc. (PAR), (NYSE: PAR), a global restaurant technology company and provider of unified commerce for enterprise restaurants, today announced the launch of PAR Infinity™ (PAR™). The subscription-based hardware offering combines PAR’s purpose-built technology with industry-leading support services such as a 24x7x365 help desk, robust managed care capabilities, field service, and equipment exchange for the life of the customer. PAR Infinity relieves the burden of owning and managing the hardware restaurants rely on to operate efficiently and profitably.

PAR Infinity does not require payment upfront and PAR assumes responsibility for successfully implementing, maintaining, and updating the technology throughout the terminal lifespan. Customers can also add several industry-defining PAR products such as Brink POS®, a market-leading Point of Sale system, Punchh®, loyalty, offer management, and engagement platform, Data Central®, labor, scheduling, and analytics, and PAR Pay®, payment services.

“We’ve witnessed the rapid adoption of technology throughout the hospitality industry, but with the speed at which restaurants work, any IT issues can be costly,” said Savneet Singh, CEO and President of PAR Technology. “Every minute a restaurant is thinking about hardware, an upgrade or app integration, it takes time away from elevating the guest experience. Many technology vendors focus on putting their hardware into restaurants with little consideration for what happens once it gets there. When restaurants have PAR Infinity™, they are gaining a dedicated IT staff for as long as they are a customer.”

Anchored by the new PAR Helix™ terminal, PAR Infinity™ addresses one of the most common Hardware as a Service (HaaS) problems with an unmatched solution. Unlike other hardware vendors, where once the technology advances, restaurants are on the hook to purchase new hardware, PAR protects restaurants from technology obsolescence. PAR will take over the entire hardware process from installation and maintenance to upgrading, servicing, and eventual removal of the hardware when it is no longer needed. Corporate IT departments no longer need to invest time into day-to-day maintenance of the system, and restaurant staff can focus on serving customers and creating one-of-a-kind guest experiences.

“Historically, hardware would last for several years, and restaurant operators could manage the upkeep, but digital transformation is happening more quickly now, and operators are struggling to service their technology fast enough,” said Dorothy Creamer, research manager, hospitality and travel digital transformation, IDC. “Restaurant operators are seeking more support from solution providers in IT management and services to remove the need for them to act as technicians. IDC data shows that this is a struggle for the majority of restaurants, with nearly a quarter (24%) of operators naming systems maintenance the top challenge they face⁽¹⁾. In turn, restaurant operators are looking to IT managed services to ensure business resiliency, with 72% planning to increase investment making it the top growth area for IT spending in 2022⁽²⁾. POS solution providers, like PAR are tapping into this need to act as end-to-end partners to empower restaurants to be more responsive to the changing needs of customers, focus on the guest experience and innovate at the pace customers have come to expect.”

PAR Infinity™ provides restaurants with the hardware and services they need to operate without worrying about the technology that their business runs on.

To learn more about PAR Technology, visit partech.com.

About PAR Technology Corporation

For more than 40 years, PAR Technology’s (NYSE Symbol: PAR) cutting-edge products and services have helped bold and passionate restaurant brands build lasting guest relationships. We are the partner enterprise restaurants rely on when they need to serve amazing moments from open to close, during the most hectic rush hours, and when the world forces them to adapt and overcome. More than 100,000 restaurants in more than 110 countries use PAR’s restaurant hardware, software, drive-thru, and back-office solutions. With the acquisition of Punchh Inc., a leading SaaS based customer loyalty and engagement solutions provider, PAR has become a Unified Commerce Cloud Platform for Enterprise Restaurants. To learn more, visit www.partech.com or connect with us on LinkedIn, Twitter, Facebook, and Instagram.

Sources:

1. Digital First and Data Driven: Hospitality, Dining and Travel Technology Investments and Strategies — IT Spending and Business Objectives Focus on Resiliency and Adaptability Doc # US47248821 https://www.idc.com/getdoc.jsp?containerId=US47248821&pageType=PRINTFRIENDLY
2. Future Enterprise Resiliency & Spending Survey, IDC, October, 2021, Total n=829, Hospitality & Travel n=95

View source version on businesswire.com: https://www.businesswire.com/news/home/20220719005163/en/

Christopher R. Byrnes (315) 743-8376

chris_byrnes@partech.com, www.partech.com

Source: PAR Technology Corporation

FAQ

What is PAR Infinity™ launched by PAR Technology?

PAR Infinity™ is a new subscription-based Hardware as a Service (HaaS) solution providing hardware and full lifecycle support for restaurants.

How does PAR Infinity™ benefit restaurants?

It relieves restaurants from the burden of hardware management, allowing them to focus on guest experiences while PAR handles installation, maintenance, and upgrades.

What are key features of PAR Infinity™?

Key features include no upfront payment, a 24x7 support help desk, and integrated services with leading PAR products like Brink POS and Punchh.

Is there a financial obligation when using PAR Infinity™?

Restaurants do not need to make upfront payments when using PAR Infinity™, as it operates on a subscription model.

What technologies does PAR offer through PAR Infinity™?

PAR Infinity™ includes state-of-the-art hardware solutions and integrates with various PAR products like Data Central and PAR Pay.