The acquisition will enable PAR Technology to expand its cloud-based unified commerce software offerings to convenience stores and fuel retailers.

PAR Technology Corp. acquired Stuzo for approximately $190 million, paid in cash and stock. PAR also entered into an agreement to acquire TASK Group in cash and PAR common stock for an implied value of approximately $206 million.

Savneet Singh, CEO of PAR Technology, said: “Over the past five years, we have evolved our capabilities in POS, loyalty, back office, payment transaction services, digital ordering and more. It helps us offer brands a more comprehensive set of best-in-class solutions.”

Stuzo is a digital engagement software provider that enhances retailer convenience and energizes retailers, including open commerce platforms, helping C-Store capture a greater share of customer wallets and increase customer lifetime value. so that you can improve your

The acquisition strengthens PAR's business strategy to serve the growing food service market and expand its addressable market with a profitable “best of breed” platform. With the introduction of Stuzo, PAR is now a technology leader for convenience and fuel retailers with more than 25,000 locations and significant opportunity for innovation in the c-store industry.

Australia-based TASK is a global foodservice trading platform that provides international unified commerce solutions, including customized, interactive customer engagement and seamless integrations for leading brands around the world. This makes TASK's transaction management platform the platform of choice for some of the world's most successful and recognizable foodservice brands, including Starbucks and Guzman Y Gomez, and its loyalty customer engagement platform, which is used by McDonald's in 65 markets. used in The addition of TASK will enable PAR to serve top enterprise foodservice brands around the world with a unified front-of-house to back-of-house commerce approach.

“Our goal at PAR is to become the world's largest foodservice technology company.

The addition of TASK provides us with a global platform to build on this vision,” said Singh. “TASK not only extends our reach outside the US and has a strong cash flow profile, but also has the potential to bring leading global brands to the PAR umbrella and accelerate our future growth. Masu.”

Singh also noted that the Stuzo and TASK acquisitions are expected to increase annual recurring revenue (ARR) by more than $80 million and adjusted EBITDA by more than $20 million based on trailing 12-month performance. did.

“Simply put, we expect ARR to increase by well over 50% while adding meaningful cash flow and opening important new markets that will ensure faster growth in the future.” he said.

Completion 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.

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