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PAR Technology Corporation
| Company type | Public |
|---|---|
| NYSE: PAR | |
| Industry | Restaurant, Retail and Hospitality Technology |
| Founded | 1968 |
| Founder | John W. Sammon and Charlie Constantino |
| Headquarters | New Hartford, New York , USA |
Key people | Savneet Singh (President and CEO) |
| Products | POS systems, loyalty systems, restaurant back-office, payment services, digital ordering, hospitality hardware, |
| Revenue | $415M (2023) |
Number of employees | 1,000+ |
| Website | www |
PAR Technology Corporation is an American company that provides both software and hardware to the hospitality industry. Based in New Hartford, New York, PAR manufactures hardware and provides a variety of software products from point of sale, to loyalty, labor & inventory solutions, payment services, and digital ordering.
History
1960s to 1980s
PAR Technology Corporation was co-founded in 1968 by John W. Sammon and Charlie Constantino [1] , initially focusing on developing systems for the US Department of Defense. Over the decades, PAR expanded its offerings and customer base, becoming a notable player in restaurant technology.
2005 Acquisition of PixelPoint Technologies
In 2005, PAR Technology acquired PixelPoint, a company known for its restaurant point of sale software, for $8M. This acquisition allowed PAR to enter the restaurant software space for the first time. [2]
2014 Acquisition of Brink Software
The acquisition of Brink Software in 2014 marked a significant milestone for PAR Technology [3]. Brink’s cloud-based POS system would later become a core part of PAR’s product portfolio.
2018 to Present
In 2018, Savneet Singh took over as President and CEO, ushering in a new era of growth [4]. Under his leadership, PAR Technology focused on expanding its SaaS offerings through M&A deals. Singh’s tenure has been characterized by several key acquisitions and a renewed focus on the restaurant and retail industries.
Notable Acquisitions
Since 2018, PAR Technology has made several strategic acquisitions to enhance its market position and expand its product offerings:
Restaurant Magic
Founded in 1985, Restaurant Magic was known for being the builders of a back-office restaurant management application called Data Central [5]. This $42M acquisition in 2019 helped PAR to improve its back-office management solutions [6] .
Punchh
Founded in 2010, Punchh was an AI and ML powered digital loyalty platform that raised $31M in total over its angel, Series A, and Series B rounds of funding [7]. After raising an additional $40M in Series C [8], Punchh was eventually sold to PAR Technology in 2021 for $500M [9].
MENU Technologies
In 2022, PAR acquired Zug, Switzerland based MENU Technologies to begin offering digital ordering solutions [10].
Stuzo
In 2024, PAR acquired Stuzo, a leading transaction platform for convenience stores and gas stations for $190M.[11]
TASK
In 2024, PAR made an offer to acquire Australia-based TASK Software for $310M AUD.[12]
Notable Dispositions
In 2024, PAR Technology made a strategic decision to divest its government business segment. This move was intended to allow the company to focus more on its core competencies in the restaurant and retail technology sectors. The sale of the government business segment enabled PAR to reallocate resources and enhance its product and service offerings in its primary markets.[13]
References
- ^ "Charlie Constantino is remembered for philanthropy, global impact through PAR Technology". Rochester Business Journal. Retrieved 2024-06-16.
- ^ "PAR Technology Acquires PixelPoint Technologies". Mergr. Retrieved 2024-06-16.
- ^ "PAR Technology Acquires Privately Held Brink Software; Terms Not Disclosed". RTT News. Retrieved 2024-06-16.
- ^ "Savneet Singh on leadership: Listen, synthesize ideas, provide clarity, own the result". Syracuse.com. Retrieved 2024-06-15.
- ^ "Restaurant Magic Software". Crunchbase. Retrieved 2024-06-15.
- ^ "Tampa-based restaurant software provider acquired in $42M deal". Tampa Bay Business Journal. Retrieved 2024-06-15.
- ^ "Marketing platform Punchh raises $20M Series B to give brick-and-mortar retailers better data analytics". TechCrunch. Retrieved 2024-06-15.
- ^ "Punchh raises $40 million for AI that promotes customer engagement and loyalty". VentureBeat. Retrieved 2024-06-15.
- ^ "Par Technology could be a dominant force after $500 million acquisition, Panera founder says". CNBC. Retrieved 2024-06-15.
- ^ "PAR Technology Acquires Digital Ordering Company MENU Technologies to Expand its Unified Commerce Offerings". The Globe and Mail. Retrieved 2024-06-15.
- ^ "Tech company Stuzo plans to woo Wawa after being sold for $190 million to a N.Y. firm". The Philadelphia Inquirer. Retrieved 2024-06-15.
- ^ "How this Sydney family turned tech tinkering into a $100m fortune". Australian Financial Review. Retrieved 2024-06-15.
- ^ "Booz Allen Buys PAR Government Systems to Expand Defense Portfolio". GovConWire.com. Retrieved 2024-06-15.