Welcome to our dedicated page for Par Technology news (Ticker: PAR), a resource for investors and traders seeking the latest updates and insights on Par Technology stock.
PAR Technology Corporation reports developments in foodservice and retail commerce technology for multi-unit operators. The company provides a unified platform that includes point of sale, digital ordering, loyalty, payments, back-office systems, hardware, data and AI-enabled workflow tools for restaurants, convenience retailers, fuel retailers and other high-volume commerce customers.
Recurring news covers quarterly operating results, subscription service revenue trends, annual recurring revenue, product launches such as PAR Intelligence and PAR Retail Drive AI, and capital actions including convertible senior notes and share repurchase authorization. Company updates also include acquisitions such as Bridg, an identity resolution and shopper intelligence platform added to PAR's data, loyalty marketing and retail media capabilities.
TCGplayer has appointed Savneet Singh to its Board of Directors, effective immediately. Singh, currently the President and CEO of PAR Technology Corp. (NYSE: PAR), brings over 15 years of experience in technology and SaaS. His leadership at PAR has transformed the company into a fast-growing SaaS business. This appointment comes during a significant growth phase for TCGplayer, which recently added several executive positions and secured $35 million in financing to expand into new collectible markets. Singh's background aligns with TCGplayer's objectives, promoting innovation in the collectibles industry.
PAR Technology Corporation (NYSE: PAR) announced the appointment of Dr. Leah Rowe as Director of Training and Readiness at its subsidiary, PAR Government Systems Corporation. Dr. Rowe will facilitate the transfer of advanced training technology from the Air Force Research Laboratory to PGSC, aiming to enhance business within DoD and other federal sectors. Her extensive experience in developing training technology, including the Networked Integrated Tactical Environment (NITE), supports PGSC's strategic growth in advanced training solutions.
PAR Technology Corporation (NYSE: PAR) has appointed Raju Malhotra as Chief Product & Technology Officer. Previously the CPTO at Punchh Inc., which was acquired by PAR in April 2021, he brings over 20 years of experience from companies like Salesforce and Microsoft. The newly created role aims to enhance PAR's unified commerce cloud platform amidst growth in the hospitality industry. CEO Savneet Singh praised Malhotra's accomplishments and leadership skills, fueling expectations for innovation in restaurant technology.
PAR Technology Corporation has strengthened its partnership with Salsarita’s Fresh Mexican Grill by adding Data Central to their technology stack. This addition enhances Salsarita’s operational efficiency, enabling improved cost control and faster reporting capabilities. Since the implementation, Salsarita’s has reported significant time savings, with data reporting reduced from days to under an hour. This partnership, which began in 2017 with the selection of PAR’s Brink POS, is now further solidified with the comprehensive back-office management tools.
PAR Technology Corporation (NYSE: PAR) has priced its concurrent public offerings of 892,857 shares of common stock and $235 million of 1.5% Convertible Senior Notes due 2027. The offerings are expected to raise approximately $275.4 million, which will primarily be used to repay a $180 million term loan. The company also plans to use remaining proceeds for corporate purposes and potential investments. The offerings are anticipated to close on September 17, 2021, with certain underwriters granted options for additional purchases.
PAR Technology Corporation (NYSE: PAR) announced the offering of 1.5 million shares of common stock and $200 million in Convertible Senior Notes due 2027. A 30-day option will allow underwriters to purchase an additional 225,000 shares and $30 million in notes. The 2027 Notes mature on October 15, 2027, and are convertible under certain conditions. Proceeds will be used for general corporate purposes including debt repayment. Goldman Sachs & Co. LLC is the sole book-running manager for the offerings.
PAR Technology has introduced new products at FSTEC 2023, enhancing its restaurant technology offerings. Notable innovations include PAR Phase, designed for AI and fraud prevention, and PAR Infinity, which offers Hardware as a Service. PAR Helix is highlighted for its restaurant-centric design. Key features of these products include easy upgrades, a single monthly subscription to minimize capital expenditure, and comprehensive lifecycle support. With over 100,000 restaurants using its solutions globally, PAR continues to position itself as a leader in restaurant technology.
PAR Technology Corporation announced that Jack in the Box has entered the final phase of implementing PAR’s customer loyalty solution, Punchh, across its 2,219 restaurants. This initiative aims to enhance the digital experience for guests by introducing an online loyalty program and updating the ordering interface. Punchh’s platform will allow Jack in the Box to send targeted promotions, broadening its marketing capabilities. Over the past 18 months, Punchh has gained 71 new customers, positioning itself as a leader in restaurant loyalty programs.
ParTech, Inc. (PAR) has partnered with GRUBBRR® to enhance self-ordering solutions for restaurants. This collaboration allows restaurants to implement customized systems seamlessly. GRUBBRR's product offerings include kiosks and automated checkout systems that work with Brink POS® to boost average ticket totals, reduce costs, and enhance customer experience. Both companies have integrated their platforms to facilitate data transfer, enabling existing Brink POS clients to add GRUBBRR kiosks easily, potentially increasing sales by 40-50% through automated upselling.
PAR Technology Corporation (NYSE: PAR) announced that CEO Savneet Singh will participate in a virtual fireside chat at the Canaccord Genuity 41st Annual Growth Conference on August 11 at 10:00 a.m. ET. He will also hold virtual one-on-one meetings with institutional investors and analysts. A live audio webcast of the discussion will be available on the company's website, with a replay provided after the conference. PAR Technology, serving over 100,000 restaurants in 110 countries, recently acquired Punchh Inc. to enhance its Unified Commerce Cloud Platform.