NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR) has completed its acquisition of TASK Group Holdings Ltd. (TAST), an Australian global foodservice-transaction platform, PAR announced. The addition of TASK allows PAR, a New Hartford–based foodservice-technology company, to serve top enterprise foodservice brands around the world with a unified commerce approach that spans from front […]
NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR) has completed its acquisition of TASK Group Holdings Ltd. (TAST), an Australian global foodservice-transaction platform, PAR announced.
The addition of TASK allows PAR, a New Hartford–based foodservice-technology company, to serve top enterprise foodservice brands around the world with a unified commerce approach that spans from front to back of house.
PAR first announced the deal, which included cash of $131.5 million and the issuance of more than 2.16 million shares of PAR common stock, in March.
At that time, PAR CEO Savneet Singh said, “Our goal at PAR has been to be the largest foodservice-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.”
TASK provides international, unified commerce solutions including interactive customer engagement and seamless integration. TASK’s transaction-management customers include Starbucks and Guzman Y Gomez, while McDonald’s is a major customer of TASK’s loyalty customer-engagement platform, using it in 65 markets.
The combination of PAR and TASK can now provide foodservice companies with a unified commerce platform, meaning all the products they need are available on that platform, which provides seamless operations across the globe, company officials said.
PAR recently announced it would be selling off two of its subsidiaries as it moves to streamline itself in the foodservice sector. Booz Allen Hamilton, Inc. (NYSE: BAH) purchased PAR Government Systems Corp. on June 7. PAR also inked a deal for NexTech Solutions Holdings, LLC to acquire its Rome Research Corporation subsidiary. The deals are worth a combined $102 million.
PAR provides restaurant software and hardware, loyalty, drive-thru, and back-office solutions. The company employs 1,400 across its locations in New Hartford; Houston, Texas; Philadelphia, Pennsylvania.; and Toronto, Canada. PAR also has a technology hub in India.
