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Draft:PAR Technology

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This is an old revision of this page, as edited by SmokeyJoe (talk | contribs) at 12:04, 18 June 2024 (Undid revision 1229714895 by Ratnahastin (talk). That was a bad decline.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

  • Comment: I saw this discussed at Deletion Review and thought I'd take a look here. I agree with the previous reviewer that the article is still heavily promotional. My advice is to remove all the subheaders and focus on what is most important for an encyclopedia reader to know (hint: a list of acquired companies isn't it). Consider what secondary sources say about the subject and what those sources say about why the subject should be included in the encyclopedia. And avoid jargon as in the first graf (what are "labor and inventory solutions"?) Explain, don't just repeat corporate talking points.
    I'll add for the record that based on analyst reports and existing news coverage this topic would pass the bar of notability, both under the general notability guideline and the more rigorous test for companies. However, the promotional tone needs to be addressed before this can go successfully through AfC. Dclemens1971 (talk) 04:19, 18 June 2024 (UTC)

PAR Technology Corporation

PAR Technology Corporation
Company typePublic
NYSE: PAR
IndustryRestaurant, Retail and Hospitality Technology
Founded1968
FounderJohn W. Sammon and Charlie Constantino
Headquarters
New Hartford, New York
,
USA
Key people
Savneet Singh (President and CEO)
ProductsPOS systems, loyalty systems, restaurant back-office, payment services, digital ordering, hospitality hardware
Revenue$415M (2023)
Number of employees
1,000+
Websitewww.partech.com

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.

2005 Acquisition of PixelPoint Technologies

In 2005, PAR Technology entered the restaurant software space for the first time by acquiring PixelPoint Technologies, a company offering restaurant point of sale software, for $8M [2].

2014 Acquisition of Brink Software

The acquisition of Brink Software in 2014 marked a milestone for PAR Technology [3]. Brink’s cloud-based POS system would become a core part of PAR’s product portfolio.

2018 to Present

In 2018, Savneet Singh took over as President and CEO[4]. Under his leadership, PAR Technology focused on expanding its software offerings through M&A. 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 acquisitions to 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 allowed for PAR to offer 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].

In 2022, PAR acquired Zug, Switzerland based MENU Technologies to begin offering digital ordering solutions [10].

Stuzo

In 2024, PAR acquired Stuzo, a 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 divested its government business segment to focus more on the restaurant and hospitality technology sectors [13]

References

  1. ^ "Charlie Constantino is remembered for philanthropy, global impact through PAR Technology". Rochester Business Journal. 29 November 2022. Retrieved 2024-06-16.
  2. ^ "PAR Technology Acquires PixelPoint Technologies". Mergr. Retrieved 2024-06-16.
  3. ^ "PAR Technology Acquires Privately Held Brink Software; Terms Not Disclosed". RTT News. Retrieved 2024-06-16.
  4. ^ "Savneet Singh on leadership: Listen, synthesize ideas, provide clarity, own the result". Syracuse.com. 29 March 2022. Retrieved 2024-06-15.
  5. ^ "Restaurant Magic Software". Crunchbase. Retrieved 2024-06-15.
  6. ^ "Tampa-based restaurant software provider acquired in $42M deal". Tampa Bay Business Journal. Retrieved 2024-06-15.
  7. ^ "Marketing platform Punchh raises $20M Series B to give brick-and-mortar retailers better data analytics". TechCrunch. 12 April 2018. Retrieved 2024-06-15.
  8. ^ "Punchh raises $40 million for AI that promotes customer engagement and loyalty". VentureBeat. 14 November 2019. Retrieved 2024-06-15.
  9. ^ "Par Technology could be a dominant force after $500 million acquisition, Panera founder says". CNBC. 14 April 2021. Retrieved 2024-06-15.
  10. ^ "PAR Technology Acquires Digital Ordering Company MENU Technologies to Expand its Unified Commerce Offerings". The Globe and Mail. Retrieved 2024-06-15.
  11. ^ "Tech company Stuzo plans to woo Wawa after being sold for $190 million to a N.Y. firm". The Philadelphia Inquirer. 19 March 2024. Retrieved 2024-06-15.
  12. ^ "How this Sydney family turned tech tinkering into a $100m fortune". Australian Financial Review. 27 March 2024. Retrieved 2024-06-15.
  13. ^ "Booz Allen Buys PAR Government Systems to Expand Defense Portfolio". GovConWire.com. Retrieved 2024-06-15.
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