Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
Cayuga Health CEO awarded Tompkins County Distinguished Citizen Award
ITHACA, N.Y. — The Baden-Powell Council, Boy Scouts of America, on June 10 honored Dr. Martin Stallone, president and CEO of Cayuga Health System, with its 2024 Tompkins County Distinguished Citizen Award. This recognition is awarded annually to individuals who have made outstanding, long-lasting impacts on their community, the council says. Stallone has been a […]
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ITHACA, N.Y. — The Baden-Powell Council, Boy Scouts of America, on June 10 honored Dr. Martin Stallone, president and CEO of Cayuga Health System, with its 2024 Tompkins County Distinguished Citizen Award.
This recognition is awarded annually to individuals who have made outstanding, long-lasting impacts on their community, the council says.
Stallone has been a big part of the Tompkins County community for many years, demonstrating exceptional leadership and dedication in his role at Cayuga Heath, according to a May 15 news release from the Baden-Powell Council.
“Dr. Stallone’s contributions to Tompkins County have been transformative,” Matthew Bull, scout executive at the Baden-Powell Council, said. “His dedication to enhancing the quality of life for our community is exemplary, and we are honored to recognize him with this award.”
In addition to his role as CEO of Cayuga Health System, Dr. Stallone is known for his active involvement in community initiatives, including health-education programs and innovative efforts to expand access to medical services for underserved populations. His leadership has helped advance the quality and availability of health care in Tompkins County, the release contended.
The Tompkins County Distinguished Citizen Award was presented to Dr. Stallone at a special ceremony on June 10, hosted by the Baden-Powell Council, Boy Scouts of America at Emerson Suites at Ithaca College.
Rome Community Foundation announces second-quarter grants
ROME, N.Y. — The Rome Community Foundation awarded $33,170 in grants to six Rome–area charitable organizations in its second-quarter grant distribution, the nonprofit announced. • Marantha Church received $6,985 for a stair-glide lift to make the facility fully accessible. • The Rome Baseball Association will repair the infield on its four ball fields with help
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ROME, N.Y. — The Rome Community Foundation awarded $33,170 in grants to six Rome–area charitable organizations in its second-quarter grant distribution, the nonprofit announced.
• Marantha Church received $6,985 for a stair-glide lift to make the facility fully accessible.
• The Rome Baseball Association will repair the infield on its four ball fields with help from a $4,560 grant.
• The Griffiss Local Development Corporation will use a $3,625 grant to acquire the sculpture “Divisions” for the Griffis Park Garden and Nature Trail.
• Rome Art and Community Center’s Athletics Summer Camp will benefit from an $8,000 grant.
• The American Red Cross received $5,000 to support the Rome Fire Financial Assistance Program.
• Zion Episcopal Church was allocated $5,000 from a donor-designated fund.
“We are proud and pleased to be a significant resource for the capital needs of nonprofits in Rome and contiguous towns,” Victor J. Fariello, Jr., Rome Community Foundation executive director, said in a news release. “We are excited to be in our 25th year of service to the community.”
The foundation’s board approved the funding at its June board meeting based on recommendations from its grant committee and the Rome Area UW Fund advisors. The board meets four times a year to review grant proposals for projects that benefit Rome–area residents.
CNY hospitals receive funding for mental-health programs
Gov. Kathy Hochul recently announced the awarding of $39.1 million to nine community-based hospitals across New York state, including several in Central New York, to
Southern Tier angler busted for showing off fish he caught out of season online
ELMIRA, N.Y. — A Southern Tier angler recently got himself into some trouble after allegedly catching a fish out of season and then showing off the catch in an online post. In early May, environmental conservation police officer John Lifrieri, of the New York Department of Environmental Conservation (DEC), received information about an individual possibly
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ELMIRA, N.Y. — A Southern Tier angler recently got himself into some trouble after allegedly catching a fish out of season and then showing off the catch in an online post.
In early May, environmental conservation police officer John Lifrieri, of the New York Department of Environmental Conservation (DEC), received information about an individual possibly catching muskellunge (muskie) out of season in Chemung County. The unnamed angler posted a picture of his catch on a local website and “received immediate blowback from people online who claimed he should have released the fish because it was caught in April, before the start of muskie (June) and tiger muskie (May) seasons,” the DEC said in a news release.
Officer Lifrieri investigated and ticketed the angler for fishing without a New York State recreational fishing license and taking/possessing a muskie out of season.
From Donuts to Barbeque: Limp Lizard and Country Glazed partner to offer barbeque to a new area
From right to left, Alex Nielsen and Becca Berard of Country Glazed, a doughnut shop that recently moved from Cleveland to Central Square, pictured with Chuck Orlando, owner of Limp Lizard in Syracuse, in unveiling their latest collaboration, Country Smoked. Located at 548 S. Main St. in Central Square, Country Smoked offers Limp Lizard’s renowned
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
From right to left, Alex Nielsen and Becca Berard of Country Glazed, a doughnut shop that recently moved from Cleveland to Central Square, pictured with Chuck Orlando, owner of Limp Lizard in Syracuse, in unveiling their latest collaboration, Country Smoked. Located at 548 S. Main St. in Central Square, Country Smoked offers Limp Lizard’s renowned barbecue fare with a quick-service concept, ensuring patrons can savor their favorites in a fast-paced setting. Customers can order foods to-go, or eat them on-site at the large seating area available to patrons. Nielsen tells CNYBJ that Country Smoked expands Limp Lizard’s reach to a broader customer base, with food prepared by Limp Lizard and staffed and sold by Country Glazed employees.
Recapping Operation Oswego County’s annual meeting
Event included project review, awards, board elections
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
OSWEGO, N.Y. — A review of 2023 projects, award announcements, and the election of a new board president highlighted the 72nd annual meeting of Operation Oswego County (OOC) held June 13 at the Lake Ontario Event and Conference Center in Oswego.
OOC and the County of Oswego IDA (COIDA) in 2023 assisted on projects that resulted in the creation or retention of 630 jobs with more than $130 million in capital investment.
The projects were associated with 33 new, expanded, or retained facilities in the targeted industry clusters of manufacturing, health care, tourism and hospitality, agribusiness and energy, OOC said in its June 13 announcement.
Austin Wheelock, executive director of OOC, reported the data during the annual meeting, noting that the projects were spread over 16 municipalities around Oswego County.
Ellen Holst, president of the OOC board of directors, welcomed 170 representatives of businesses, government, education, labor, and other community organizations to the meeting.
The OOC also announced that its board of directors elected Pete Cullinan, who is retired from Exelon, to succeed Holst as the board president, although Holst was also re-elected to serve as a board member.
In his remarks, Wheelock reported on marketing highlights and collaborative initiatives with key stakeholders such as National Grid, Oswego County Tourism, SUNY Oswego, the Port of Oswego Authority, Oswego County Workforce New York, and the Greater Oswego Fulton Chamber of Commerce.
Joseph Pacher, senior VP of operations at Constellation Energy, was the annual meeting’s keynote speaker. In his remarks, Pacher discussed Constellation’s economic impact on Oswego County, how its plants help New York state to meet its clean-energy goals, and the firm’s plans to continue to invest in and relicense Nine Mile I, Nine Mile II, and the James A. FitzPatrick nuclear plants.
Collectively these plants produce 2,514 megawatts of power, which is enough to power 2 million homes, per the OOC announcement. Pacher also reported that Constellation paid more than $69 million in state and local taxes in 2023.
The annual meeting also included the announcement of several awards, including the Ally Award for 2024, which was presented to the Onondaga Small Business Development Center (SBDC) “in recognition and appreciation of the vision, commitment and leadership exhibited by the Onondaga [SBDC] to provide critical entrepreneurial training and technical assistance to the small businesses and entrepreneurs of Oswego County; and for being a vital and essential partner in economic development in Oswego County,” per the announcement.
OOC gave the Business Excellence Award for 2024 to River View Pediatrics for “showing resiliency, adaptation and growth” in a changing market for pediatric health-care services, for the “vision to revitalize and expand” into a vacant building, and for its more than 40 years of business excellence in the city of Fulton.
In addition, OOC presented the 2024 Jobs Award to Broadwell Hospitality Group for its significant contribution and economic impact on the Oswego County economy by providing tourism attractions and hospitality services in Oswego and the town of Scriba, for employing over 200 persons across multiple venues, for the opening of the Splash Indoor Water Park Resort in 2023, and for its 49-year history of business growth in Oswego County.
Dr. Ali Hawthorn received OOC’s 2024 Dee Heckethorn Entrepreneur Award in recognition of “exceptional entrepreneurial spirit, creativity and dedication” in expanding Highland Animal Hospital, a small animal-veterinary clinic in Central Square, and for receiving the SBA Woman Owned Small Business of the Year Award for Upstate New York.
OOC honored H. Leonard Schick with the 2024 Martin Rose Economic Developer Merit Award for his “outstanding record” of leadership, expertise, support, and commitment to enhance the economic vitality of Oswego County’s businesses, industries, communities, and citizens; by serving on the board of directors of COIDA for 18 years; and for serving on numerous other boards and organizations that are “vital to economic development and quality of life” such as the Mexico Chamber of Commerce, Fulton City School Board of Education, and Fulton Youth Soccer.
The OOC board elected a new slate of officers to two-year terms. Besides Cullinan as president, the officers include John Sharkey IV from Universal Metal Works of Fulton as board VP; Tricia Peter Clark, president and CEO of ConnextCare, as board treasurer, and Eric Behling, co-owner of Behling Orchards in Mexico, as board secretary.
The OOC board of directors also reelected board members, including Edward Gilson, a county legislator; Brian Heffron of CiTi BOCES; Holst, who is retired from Oswego County Opportunities; Sharkey IV; and Ronald Tascarella of Pathfinder Bank.
The board also elected Joseph Demars of Huhtamaki’s Fulton location and Collin Palm of the Fulton Companies for one-year terms; as well as Tom Roman of Fulton Savings Bank, Rachel Pierce of the Workforce Development Board of Oswego County, and Ryan Malone of WD Malone Trucking & Excavating for three-year terms.
Those retiring from the OOC board of directors include Tim Hardy after six years of service; Vincent Lobdell after 17 years; Joseph McConnell after four years of service; Joseph Solazzo after 18 years; and David Turner after 29 years of service, the organization said.
MACNY, PEB awards ceremony honors workforce-development achievement
SYRACUSE, N.Y. — The 2024 Workforce Development Awards recognized the accomplishments of students and registered apprentices pursuing an education or careers in manufacturing and other industries. The awards event also acknowledged those supporting STEM (science, technology, engineering, and mathematics) careers and education. MACNY, The Manufacturers Association, and Partners for Education & Business, Inc. (PEB) hosted
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
SYRACUSE, N.Y. — The 2024 Workforce Development Awards recognized the accomplishments of students and registered apprentices pursuing an education or careers in manufacturing and other industries.
The awards event also acknowledged those supporting STEM (science, technology, engineering, and mathematics) careers and education. MACNY, The Manufacturers Association, and Partners for Education & Business, Inc. (PEB) hosted it on June 12 at Le Moyne College. The nonprofit PEB is MACNY’s K-16 (education) arm.
In addition, “as a testament to their commitment to upskill and bolster the talent-development pipeline,” MACNY concluded the program with a first-ever apprentice signing for four of its own employees to “signify the beginning of their apprenticeship journey.”
“This year was especially meaningful for MACNY because four of our own staff members signed their apprenticeship paperwork, demonstrating our belief in the effectiveness of the program and the value of building our workforce through upskilling,” Randy Wolken, president and CEO of DeWitt–based MACNY, said in a statement. “On behalf of the MACNY Board of Directors, staff, and the manufacturing community, we would like to extend our congratulations to all of those that were honored at this year’s event.”
Those from MACNY that participated in the signing included Murjan Abdi, a workforce-development specialist apprentice; Colleen Blagg, a project manager apprentice; Amanda Rice, a project manager apprentice, and Justyna Valencia, a marketing coordinator apprentice.
The ceremony also recognized 29 registered apprentice graduates that earned their Journeyworker credential in 2023 from the New York State Department of Labor.
The companies that received recognition for expanding their registered-apprenticeship programs from January 2023 to April 2024 included 110 Metalworks Inc.; Allen Tool Phoenix, Inc.; Bausch + Lomb; Belden Inc.; Bush Industries; Consolidated Precision Products (CPP); EMCom, Inc.; Hardinge, Inc.; Hubbard Tool & Die Corp.; Indium Corporation; Knowles; North Country Dairy; Superior Metals Manufacturing; and Thompson & Johnson Equipment Co., Inc.
The companies that were recognized as new signatories were: Buxton Medical Equipment Devices, Eaton Crouse-Hinds, Flex-Hose Co. Inc., F.X. Matt Brewing Company, GSE Dynamics Inc., Plug Power Inc., Semikron Danfoss, and Wolfspeed.
MACNY tells CNYBJ that a signatory is “an employer who is part of a group program (such as MACNY), and has executed a written agreement with a New York State Registered Apprenticeship program sponsor and has agreed to be bound by the terms, standards and conditions of the program.”
“This event is a powerful testament to the dedication and hard work of students, apprentices, and the companies that support them in their journey towards successful careers,” Roberta Reardon, commissioner of the New York State Department of Labor said in the MACNY announcement. “The recognition of these individuals and the commitment shown by MACNY and PEB in fostering talent development underscores the vital role of workforce development in the economic growth of Central New York. The DOL is proud to support these efforts and celebrate the accomplishments of all the awardees and apprentices.”
PEB also used the event to announce its 12th cohort of CNY STEM Scholars, which includes 11 Central New York students, each of whom had a company sponsor, MACNY said.
The PEB Awards also recognized community partners, local organizations, and those individuals that dedicate their time and resources to support STEM careers and education in the community.
PEB honored the Milton J. Rubenstein Museum of Science and Technology (the MOST) as the Community Partnership of the Year.
It also acknowledged Belden Inc., Byrne Dairy, City of Syracuse, and Giovanni Food Company with the Business Partnership of the Year recognition.
In addition, PEB honored Matthew Eaton, senior business consultant with JPMorgan Chase, as the 2024 SRC STEM Champion of the Year. It also recognized Steve Schill, senior director of global sales projects at INFICON, with its Lifetime Achievement honor.
Brooklyn Pickle set to open third North Carolina location
CHARLOTTE, N.C. — Brooklyn Pickle is growing again. A little over a month after the Syracuse–based restaurant opened its second North Carolina location, the business announced it will soon open a third one. Brooklyn Pickle will open in Charlotte, N.C., on July 1 in the Levine Center Institute at Atrium Health, 1021 Morehead Medical Drive.
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
CHARLOTTE, N.C. — Brooklyn Pickle is growing again.
A little over a month after the Syracuse–based restaurant opened its second North Carolina location, the business announced it will soon open a third one.
Brooklyn Pickle will open in Charlotte, N.C., on July 1 in the Levine Center Institute at Atrium Health, 1021 Morehead Medical Drive.
The location is another partnership between Peter and Jane Kim and Brooklyn Pickle owner Craig Kowadla. The Kims opened the Raleigh location in May.
“Atrium Health approached us to open our first restaurant in Charlotte at their Carolinas Medical Center because their busy medical staff and patients needed more convenient, healthy, and fresh food options,” Jane Kim said in a press release announcing the news. “Our team is grateful for the opportunity to serve at the top-ranked hospital in Charlotte. Because of the restaurant’s central location, we anticipate lots of customers ordering from outside the hospital for either delivery or pickup.”
The Charlotte Brooklyn Pickle will be open Monday to Friday from 10 a.m.-4 p.m., offer catering, and employ 15 people.
“We have a great team, but we are always looking for employees with diverse experiences, skill sets, and the potential to help deliver an amazing guest experience,” Kim said.
Christina Reeves will manage the Charlotte Brooklyn Pickle. She previously served as manager of one of the Kims’ prior restaurants.
The Kims say the customer response to the Raleigh location has been positive since its opening in May.
“The buzz has been great, even more than we had expected,” Peter Kim said. “The press coverage was exciting, and the public response showed us there are quite a few New Yorkers in this area — and not enough pastrami sandwiches!”
Brooklyn Pickle, which started with one Syracuse location in 1975, is known for its huge sandwiches along with soups, hot entrees, desserts, and, of course, pickles. Daily hot specials include chicken riggies on Thursdays and macaroni and cheese on Fridays.
The business first expanded outside New York state in 2023 with a location in Southern Pines, N.C. Brooklyn Pickle opened its first location outside of the Syracuse area earlier in 2023 when it opened in Utica.
Kowadla said he is currently working on a fourth Syracuse–area location.
Ken Sniper founded Brooklyn Pickle in 1975 on Burnet Avenue and added a West Side location two years later. The restaurant moved into its West Genesee Street location in 1984. The Clay Brooklyn Pickle opened in 2019.
Hochul visits former Syracuse Developmental Center site as demolition starts
She says site is “worse than I thought.” SYRACUSE — Gov. Kathy Hochul said the condition of the former Syracuse Developmental Center site is “worse than I thought.” “I have seen … abandoned projects all over the state of New York but the scale of this … consumed with just blight, how depressing for a
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
SYRACUSE — Gov. Kathy Hochul said the condition of the former Syracuse Developmental Center site is “worse than I thought.”
“I have seen … abandoned projects all over the state of New York but the scale of this … consumed with just blight, how depressing for a community and neighborhood,” Hochul said.
She commented on June 14 while speaking with reporters at Public Service Leadership Academy (PSLA) at Fowler High School on Syracuse’s west side, which is near the Syracuse Developmental Center site.
“The children who go to this very school to have to witness this and for their entire lives, had to accept this as the way it has to be. So, that’s why this is so much more exciting because we took a negative, [and are] turning it into an incredible positive,” Hochul told reporters.
The governor had earlier announced progress toward the $100 million project to turn the site into a mixed-use development. Demolition work is underway at 800-2 S. Wilbur Ave., which is also not far from the Rosamond Gifford Zoo.
Following the demolition, the plan is for a project that will include more than 250 new homes, 7.5 acres of green space, and 3,600 square feet of retail commercial space as part of the first phase of construction to redevelop the site, Hochul’s office said in a June 14 announcement.
Before speaking with reporters, Hochul provided a project update to a gathering of local officials inside PSLA at Fowler High School.
“The demolition and redevelopment of the Syracuse Developmental Center after 25 years of being shut down, shuttered, blighted … we’re getting it done,” Hochul said in remarks that were greeted with applause from the gathering at Fowler.
She went on to say, “Visitors to this vibrant community have to witness this … the people [who] live there … going to the zoo, this is what you see. Come on, we’re better than that, right?”
The center closed in 1998 and in the years that followed became a structure plastered with graffiti.
New York is providing up to $29 million in state funding for the project, which Hochul’s office says will help to support the statewide goals of increasing New York’s housing supply with new market-rate and affordable options and establishing a regional job hub to help drive the local economy.
State funding will support pre-development site preparation work, including the demolition and remediation of the existing structures on the site as well as infrastructure investments to expand water and sewer service lines, roads and sidewalks, tree planting, canopy and lighting throughout the site.
Mohawk Valley contractor Ritter & Paratore Contracting Inc. has been selected to undertake the demolition/environmental remediation of the existing structures and grading of the site in the building demolition location.
In his remarks, Syracuse Mayor Ben Walsh called the property “derelict” and said it was blighted and “significantly tax delinquent” when the City took control of the property five years ago.
Walsh told the gathering his mother worked at Fowler for 18 years, so he was familiar with the neighborhood. He would look at the shuttered facility covered in graffiti and think to himself, “What kind of message are we sending to our kids every day when they’re going to and from school and looking up at that building? What kind of message are we sending about how we feel about them and their community and their neighborhood? That wasn’t something I was comfortable with.”
He also believes that getting it back on the tax roll and into productive use will be a catalyst for continued investment in Syracuse’s west side. The 47-acre site is ideally suited to meet the growing need for quality mixed-income housing and high-tech manufacturing space in Syracuse.
Hochul told the crowd that Walsh had requested help with the project during a meeting at the Gem diner on Spencer Street, not long after she’d had started duties as governor.
The redevelopment of the 600,000-square-foot Syracuse Developmental Center is a multi-phase, mixed-use project that will include hundreds of new housing units, an advanced manufacturing facility with office space, vibrant new green space, and retail. Phase I of the project is set to begin in late 2025, the governor’s office said.
The state contends the project will help Syracuse and the surrounding Central New York region prepare for the arrival of Micron, whose $100 billion commitment to build a new campus in the town of Clay is expected to create 50,000 new jobs over the next 20 years.
In her remarks, Janice McKenna, chair of the Tipperary Hill Neighborhood Association, thanked Hochul, saying that the governor “saw the mayor’s vision for the city” and “helped to make this possible.”
“I have complete faith in what’s going to happen here,” McKenna said.
She went on to say, “We are proud of our neighborhood, its immigrant history, and we deeply care about its future and this project is going to enhance its future.”
PAR CEO sets sights on company’s future
NEW HARTFORD — PAR Technology Corporation’s recent news that it was selling the two subsidiaries that make up its government operating segment marks the end of an era at the business, which got its start as a government contractor. But more than that, it shows the evolution of a company that just years ago was
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
NEW HARTFORD — PAR Technology Corporation’s recent news that it was selling the two subsidiaries that make up its government operating segment marks the end of an era at the business, which got its start as a government contractor.
But more than that, it shows the evolution of a company that just years ago was on the brink of bankruptcy.
When Savneet Singh took the helm as CEO and president of PAR Technology in April 2019, he had served on the firm’s board for less than a year. Just a day or two into the job, the company’s CFO told him bankruptcy was imminent.
Things were bleak, Singh says, and he took on the leadership role solely with the intent to shore up the company enough to sell it.
“Unfortunately, there was nobody that wanted to buy it,” he tells CNYBJ in an interview. “We had started to grow as a software business,” Singh says. However, about 95 percent of the company’s revenue was still coming from legacy hardware products.
Those products primarily were hardware point-of-sale (POS) systems, with McDonald’s being PAR’s largest customer. Those POS systems are still deployed in about 30 to 40 percent of McDonald’s locations.
Singh, a Cornell graduate that grew up near Albany, had spent time working on Wall Street, had started his own financial technology company, and was running an investment firm before he joined PAR.
While he originally thought to sell the company, something changed along the way. With financial experience and a technology background, Singh explains that he looked at PAR with a different perspective than others had.
“By having no background in restaurants or the company, we were able to question things,” he says. “Disruption comes from people who don’t have the baggage.”
With other POS products like Square and Toast popping up, he felt PAR’s future was rooted in software and not in the legacy hardware product.
Bit by bit, PAR’s focus has shifted over the past five years away from the legacy hardware toward software, right at a time when software has become more important than ever to the restaurant industry.
Five or six years ago, the average restaurant needed about four to six pieces of software to run. Today, that number is closer to 15 or 20, Singh says, for everything from in-house POS, mobile and online ordering, delivery options like DoorDash and Uber Eats, back-office operations, and customer loyalty programs.
“They’ve kind of plugged it all into their POS and hope it worked,” Singh says. PAR hopes to take the lead in providing restaurant operators with a suite of products to meet all their needs.
Today, PAR loyalty-program products are used at 45 of the nation’s top 100 restaurants, and sales of its Brink POS system has seen 40 percent year-over-year growth, Singh says. PAR continues to sell hardware, too, and altogether, more than 95,000 restaurant locations in over 100 countries use PAR products.
The company has turned the corner far enough that it was time to streamline things and double-down on its focus on the restaurant industry, Singh says.
“This was almost an emotional one,” he notes of the sale of PAR Government Systems Corporation (PGSC) to Booz Allen Hamilton, Inc., and the pending sale of Rome Research Corporation to NexTech Solutions Holdings, LLC, in a set of deals valued at $102 million. PAR’s 400 employees at both companies have or will transition their jobs to the new owners.
The company’s stock (NYSE: PAR) reacted favorably to the news, closing at $45.57 on June 10 after PAR announced the deals. That was up more than 6 percent from the previous day.
Analysts are feeling bullish about PAR as well. Texas–based Voss Capital noted in a May 24 letter to partners, “The market especially loves tech stocks that go from unprofitable to profitable, which we believe PAR will demonstrate on a sustainable basis within the next two quarters.”
The letter went on to indicate the sale of the government business was just one of “several tangible catalysts” on the horizon that bode well for PAR.
“Oh, we’re just getting started,” Singh says of the company’s future. “Absolutely, you’ll see us grow.”
Headquartered in New Hartford, PAR has about 1,400 employees with additional locations in Houston, Texas; Philadelphia, Pennsylvania.; and Toronto, Canada. PAR also has a technology hub in India. The company develops and markets restaurant hardware, software, loyalty, drive-thru, and back-office solutions.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.