Dive Brief:
- PAR Technology Corporation, a foodservice technology firm, is acquiring two other tech companies for about $400 million in total as part of an “aggressive plan” to grow into a leader in its space, according to a Monday press release.
- The acquisitions include digital engagement company Stuzo, which adds its wallet-steering technology to the company, and transaction management provider Task.
- These are the latest bolt-on acquisitions for PAR Technology, which has made several other deals over the last five years.
Dive Insight:
PAR Technology has built up its technology stack so that it can service various tech needs across c-stores, restaurants and other food-based companies. Its solutions can already be found on more than 25,000 sites.
Over the past few years, PAR has acquired companies like Punchh, MENU, Data Central and Drive-Thru Systems.
“We have evolved our capabilities to include point-of-sale, loyalty, back-office, payment transaction services and digital ordering,” said Savneet Singh, CEO of PAR Technology. “The transactions announced today further our vision and help us to offer a more comprehensive set of best-in-class solutions for global brands.”
Stuzo’s technology is already in use by several major companies, including Yesway and Gulf. The company’s technology looks at items customers purchase across all outlets and seeks to encourage that customer to buy more of those items through discounts and other offers. PAR has already closed that acquisition for $190 million.
Task, meanwhile, works with some of the largest names in the QSR world, including McDonald’s and Starbucks. Its offer combines transaction management with personalization, offering “consumer engagement, campaign management, offer optimization, and consumer loyalty,” according to the company’s website. That $206 million transaction is expected to close in the third quarter.
Par said in the announcement that adding 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.”
The two companies combined are expected to add over $80 million to PAR’s annual revenue.
Correction: The original version of this story incorrectly listed a c-store as using Stuzo’s technology.
