PAR Technology Subsidiary Announces Largest Contract in Company History

Rhea-AI Summary

PAR Technology Corporation (NYSE: PAR) has secured a significant contract with the U.S. Air Force Research Laboratory, valued at $490.4 million. This contract, the largest in PAR's history, will focus on providing Counter-small Unmanned Aircraft System (C-sUAS) solutions over a 6-year period, with potential extensions. The initial funding of $5.7 million is allocated from Fiscal 2021 research and development funds. Work will predominantly take place in Rome, New York.

Positive

• Awarded a $490.4 million contract, the largest in company history.
• Contract focuses on the development of advanced C-sUAS technologies.
• Initial funding of $5.7 million secured for immediate work.

Negative

• None.

$490.4 Million Single Award IDIQ Contract with U.S. Air Force Research Laboratory Information Directorate

NEW HARTFORD, N.Y.--(BUSINESS WIRE)-- PAR Government Systems Corporation (PGSC), a wholly-owned subsidiary of PAR Technology Corporation (NYSE: PAR), today announced that it has been awarded a $490,400,000 ceiling, single award, indefinite-delivery/indefinite-quantity contract with cost-plus-fixed-fee completion and firm-fixed-price type orders for Counter-small Unmanned Aircraft System (C-sUAS) software, hardware, and technical documentation. This is the largest single contract award in PAR’s history.

This contract provides for research, designing, prototyping, testing, evaluation, operational evaluation, experimentation, integration, technical installation, transition and support through initial operations of C-sUAS technologies.

Commenting on the award Matt Cicchinelli, President of PAR Government stated, “We are pleased that the Air Force has shown confidence in, and selection of PAR Government to support this important solution development and integration program. PAR Government will utilize our technical in-depth experience and knowledge gained over decades of working with the Department of Defense to accomplish the requirements of this important effort.”

Savneet Singh, PAR Technology’s CEO stated, “PAR is gratified to have been selected to provide advanced C-sUAS solutions in response to urgent mission needs. We have always prided ourselves on customer satisfaction and understand the critical role we play in supporting our operational customers and their requirements.”

Contract work will be performed in Rome, New York, and is expected to be a 6-year ordering period with a maximum of a 2-year Order Period of Performance beyond the ordering period.

This award is the result of a competitive acquisition. Fiscal 2021 research and development funds in the amount of $5,700,000 are being obligated at the time of award. Air Force Research Laboratory, Rome, New York, is the contracting activity (FA8750-21-D-1100).

About PAR Government Systems Corporation

PAR Government Systems is a leader in providing computer-based system design, engineering and technical services to the Department of Defense and various federal agencies. An ISO 9001:2015 certified company, PAR Government is a wholly owned subsidiary of PAR Technology Corporation. (www.pargovernment.com).

About PAR Technology Corporation

For more than 40 years, PAR’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 recent 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.

PAR Technology Corporation (PAR) through its Government segment provides intelligence, surveillance, and reconnaissance (“ISR”) solutions and mission systems support to the Department of Defense and other Federal agencies. To learn more, visit www.partech.com or connect with us on LinkedIn, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211103005298/en/

Christopher R. Byrnes (315) 743-8376

chris_byrnes@partech.com

Source: PAR Government Systems Corporation

FAQ

What is the value of the contract awarded to PAR Technology Corporation by the U.S. Air Force?

PAR Technology Corporation was awarded a contract valued at $490.4 million.

What is the focus of the contract received by PAR Technology Corporation?

The contract focuses on providing Counter-small Unmanned Aircraft System (C-sUAS) solutions.

Where will the work under the new contract for PAR Technology Corporation be performed?

The contract work will primarily be performed in Rome, New York.

How long is the contract awarded to PAR Technology Corporation expected to last?

The contract has a 6-year ordering period, with a maximum of a 2-year extension possible.

What type of funding is being utilized for the new contract awarded to PAR Technology Corporation?

Fiscal 2021 research and development funds amounting to $5.7 million are being obligated at the time of the award.