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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.
ParTech has integrated Craftable into its Brink POS ecosystem, enhancing operational efficiency for restaurant operators. With Craftable's tools, users gain real-time insights into inventory, sales, and costs, resulting in reduced food costs by 2-3%, pour costs by 3-5%, and labor costs by 50%. This partnership aims to support the restaurant industry during challenging times, offering comprehensive management solutions for both single and multi-unit locations.
ParTech has integrated XPR into its Brink POS ecosystem, enhancing self-service ordering solutions for restaurants. XPR’s technology has shown to increase average order sizes by 23% and order values by 18% in recent studies. This partnership will allow customers to utilize contactless ordering and self-service kiosks, streamlining operations and reducing labor costs. The collaboration aims to provide innovative solutions tailored to improve operational efficiency and customer experience in the hospitality industry.
PAR Technology Corporation (NYSE: PAR) has officially launched the PAR Helix™, a new point of sale terminal aimed at enhancing restaurant operations. This terminal features a 13.3” monitor, 8GB RAM, an Intel Celeron processor, and a 128GB SSD. The removable compute module allows for easy maintenance and upgrades, minimizing downtime. It also includes a double-hinge system for adjustable height, improving usability. Available for purchase starting January 20, 2021, the Helix aims to streamline restaurant workflows while maintaining a high guest experience.
ParTech, Inc. (PAR) has announced that CKE Restaurants Holdings, Inc., which operates the Carl’s Jr. and Hardee’s brands, has selected its Brink POS software for corporate and select franchise restaurants. With CKE's existing partnership with PAR for hardware and services, the decision to utilize Brink POS was influenced by its cloud-based capabilities, enhancing the customer experience and operational efficiency. The rollout is set to begin this quarter, supported by both CKE's service providers and PAR’s service partners.
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PAR Technology's subsidiary, ParTech, announced a significant partnership with Boston Market to implement Brink POS® software and EverServ® hardware across 350 locations nationwide. This decision is driven by Boston Market's need for a cloud-based solution capable of quick integration and customization, particularly highlighted during the pandemic. The partnership, facilitated by RDS Hospitality, aims to enhance operational efficiency and improve customer engagement. CEO Savneet Singh emphasized the commitment to innovation and customer success in collaboration with Boston Market.
ParTech, a leader in POS solutions, has enhanced its Brink POS integration with the addition of Lineup, an AI-driven sales and labor forecasting platform. Lineup empowers restaurant operators by providing accurate sales predictions and labor insights, improving decision-making even amidst ongoing challenges from COVID-19. Its predictive capabilities, which are now back to pre-pandemic accuracy levels, leverage machine learning to evolve continuously with changing external factors. This integration aims to optimize staffing and operational efficiency in the restaurant sector.
ParTech, Inc., a leader in POS solutions for the restaurant sector, has announced its integration with FreedomPay as a payment gateway option for Brink POS customers. This addition enhances the existing ecosystem, enabling restaurants to innovate and adapt to market changes. The FreedomPay platform allows restaurants to maintain their current payment devices, minimizing unnecessary expenses. ParTech emphasizes the choice and cost-saving potential this integration offers to restaurants navigating the current economic landscape.
PAR Technology Corporation (NYSE: PAR) reported Q3 2020 revenues of $54.8 million, marking a 20.7% increase from Q3 2019. The growth was driven by $7.2 million from acquisitions, offset by the divestiture of SureCheck. GAAP net loss improved to $3.7 million (or $0.20 loss per share) from $5.9 million a year ago. Year-to-date revenues reached $155.3 million, up 15.6%. CEO Savneet Singh emphasized resilience within the restaurant sector and increasing demand for cloud solutions amid the pandemic. Notable achievements included strong Brink ARR growth and a significant backlog of orders.
PAR Technology Corporation (NYSE: PAR) is set to report its third quarter financial results on November 6, 2020, at 7:30 a.m. ET. This will be followed by an investor presentation and conference call at 9:00 a.m. ET. Key executives, including President Savneet Singh and CFO Bryan Menar, will provide updates and answer questions during the call. Interested investors can join the call by dialing 844-419-5412. Detailed information about the company and its services, especially its POS technology used globally, is available on its investor page.