NEW HARTFORD, N.Y. - PAR Technology Corporation (NYSE: PAR), a provider of unified commerce for enterprise restaurant brands, has announced its strategic acquisitions aimed at expanding its software offerings into convenience stores, fuel retailers, and international markets.
The company has entered into an agreement to acquire Australia-based TASK Group for an implied value of approximately $206 million and has completed its acquisition of Stuzo Holdings, LLC for around $190 million.
The acquisition of TASK Group, expected to close in the third quarter of 2024, is contingent upon shareholder and regulatory approvals. TASK's transaction management platform is utilized by global foodservice brands, including Starbucks (NASDAQ:SBUX) and Guzman Y Gomez, while its loyalty customer engagement platform is employed by McDonald's (NYSE:MCD) in 65 markets. This move is set to enhance PAR's global presence and provide a unified commerce approach for its customers.
Stuzo, known for its digital engagement software for convenience and fuel retailers, including its Open Commerce® Platform, will enable PAR to address a broader foodservice market and lead technology innovation in the convenience store industry. The acquisition is anticipated to add over $80 million in annual recurring revenue and over $20 million of Adjusted EBITDA to PAR's business, based on trailing twelve-month actuals.
Savneet Singh, CEO of PAR Technology, expressed that the acquisitions align with the company's vision to become the largest food service technology company worldwide and are expected to significantly boost PAR's annual recurring revenue and cash flow, while opening up new markets for faster growth.
The transactions were financed through a private placement of approximately $200 million of PAR's common stock, with J.P. Morgan Securities LLC acting as the sole placement agent. Legal counsel was provided by Gibson, Dunn & Crutcher LLP.
PAR Technology will host a conference call today at 9:00 a.m. ET to discuss the transactions. Interested parties can register for the call or access the live webcast via the PAR Technology Investor Relations website, where a recording will also be available after the event.
The information in this article is based on a press release statement from PAR Technology Corporation.
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