New Hartford, N.Y. — PAR Technology Corporation, a global foodservice technology company and provider of unified commerce for enterprise restaurant brands, has closed two transactions that expand its cloud-based unified commerce software offerings into convenience stores and fuel retailers, as well as international markets.
PAR has entered into an agreement to acquire TASK Group for cash and PAR common stock at an implied value of approximately $206 million assuming an all-cash transaction, and has completed its acquisition of Stuzo Holdings, LLC for approximately $190 million paid in cash and stock. The closing of the TASK acquisition is expected to occur in third quarter 2024, subject to various approvals and other customary closing conditions.
TASK, an Australia-based global foodservice transaction platform, offers international unified commerce solutions, including interactive customer engagement and seamless integration, tailored for major brands worldwide. This has made TASK’s transaction management platform the platform of choice for some of the world’s most successful and recognized foodservice brands including Starbucks and McDonald’s.
“Our goal at PAR has been to be the largest foodservice technology company in the world. Adding TASK will provide us with a global platform to build upon this vision,” says Savneet Singh, CEO of PAR Technology. “TASK not only broadens our reach beyond the United States and has a strong cash flow profile but also has the potential to bring premier global brands into the PAR fold, and accelerate our future growth.”
Stuzo, a digital engagement software provider to convenience and fuel retailers (c-stores), including its Open Commerce® Platform, empowers convenience stores to gain more share of the customer wallet and drive customer lifetime value. This acquisition strengthens PAR’s business strategy to expand its available market by addressing an expanding foodservice market with a ‘best of breed’ platform that is highly profitable. With Stuzo, PAR is now a leader in technology for convenience and fuel retailers with over 25,000 sites and substantial opportunities for innovation in the c-store industry.
“This is a monumental day for us at PAR — as we expand our business across the globe and enhance our product and service offerings for a wider range of the foodservice and fuel retail industry,” says Singh. “Over the past 5 years, we have evolved our capabilities to include point-of-sale, loyalty, back-office, payment transaction services and digital ordering.”
For more than 40 years, PAR Technology Corporation’s products and services have helped bold and passionate restaurant brands build lasting guest relationships. More than 100,000 customers in more than 110 countries use PAR’s restaurant point-of-sale, digital ordering, loyalty and back-office software solutions as well as industry-leading hardware and drive-thru offerings. For more information, visit www.partech.com/investor-relations/.
SOURCE: PAR Technology Corporation