PAR Announces Acquisitions for Global Expansion

PAR has entered into an agreement to acquire TASK Group and has completed its acquisition of Stuzo Holdings as a strategic move towards its global expansion. 

PAR Technology Corporation, a global foodservice technology company and provider of unified commerce for enterprise restaurant brands, announced two transactions that expand its cloud-based unified commerce software offerings into convenience stores and fuel retailers, as well as international markets. 

Savneet Singh, CEO of PAR Technology, said, “Our goal at PAR has been to be the largest food service technology company in the world. Adding TASK will provide us with a global platform to build upon this vision. 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.”

“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. Over the past five years, we have evolved our capabilities to include point-of-sale, loyalty, back-office, payment transaction services and digital ordering. The transactions announced today further our vision and help us to offer a more comprehensive set of best-in-class solutions for global brands. Importantly, the acquisition of Stuzo and TASK are expected to add over $80 million of annual recurring revenue (“ARR”) and over $20 million of Adjusted EBITDA to our business, based on their trailing twelve-month actuals. Simply put, we expect to increase our ARR by well over 50% while adding meaningful cashflow and unlocking significant new markets that ensure faster future growth,” Singh added. 

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 the third quarter of 2024, subject to TASK shareholder approval, Australian court approval, certain regulatory approvals and other customary closing conditions.

Both transactions adhere to PAR’s disciplined M&A strategy of acquiring best-in-class products with marquee customer bases, ample cross-selling opportunities, and significant addressable markets.