Dive Brief:
- PAR Technology, which provides payments software services to restaurant and retail clients, said in a press release Thursday that it has acquired Delaget for $132 million in a deal that closed on Tuesday.
- New Hartford, New York-based PAR aims to provide its restaurant clients with new tools that will allow them to improve operations and reduce costs through better back-office processing, delivery service and data analytics capabilities, PAR CEO Savneet Singh said in the release.
- Delaget’s clientele includes operators that run well-known fast food chains, including those under the Taco Bell, Pizza Hut, KFC, Burger King and IHOP brand names, according to the release.
Dive Insight:
PAR Technology, a publicly-traded company, offers software and hardware for point-of-sale and payments services as well as those for digital ordering, loyalty programs and back-office management, according to the press release. PAR’s clients span 110 countries, the release said.
They include some 700 clients across the spectrum of restaurant types, from fast casual to table service dining, at 70,000 locations, according to PAR’s annual report filed with the Securities and Exchange Commission last year.
In that filing last year, the company noted that “the markets for our products and services are highly competitive and rapidly evolving” in its restaurant and retail segment. “Many of our larger customers have several approved suppliers of software and hardware similar to one or more of our products,” it added.
PAR also provides software services to clients in other segments, such as federal government agencies, including the U.S. Defense Department.
PAR reported annual losses of between $69 million and $76 million for each of the three years between 2021 and 2023 as its annual revenue increased, reaching $415.8 million for 2023, according to the annual report.
