NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR), a provider of restaurant software, announced it has acquired Punchh Inc., a San Mateo, California firm that focuses on loyalty and guest-engagement products.
New Hartford–based PAR is purchasing the company for about $500 million in cash and shares of PAR common stock. The acquisition closed last Thursday, Chris Byrnes, VP of business & financial relations at PAR Technology, tells CNYBJ in an email. Punchh will retain its name and brand under the PAR umbrella, he adds.
PAR says the acquisition will enable it to be a “unified commerce cloud platform for enterprise restaurants” and positions PAR to lead with integrated point-of-sale, back office, payment, and guest-engagement products.
With its Brink POS (point-of-sale) product, PAR has been a Punchh partner “for many years,” Shyam Rao, co-founder and president of Punchh, said in a release.
“We’ve gotten to know them while jointly servicing customers and have always been impressed with their focus on their customer’s success,” Rao said. “PAR’s point-of-sale and back-office solutions combined with our loyalty and engagement platform give customers an end-to-end solution for top-line growth, profitable guest relationships and operational efficiencies. We’re excited to join the PAR team and further our offerings to the hospitality industry.”
Punchh had about 275 employees at the time of the acquisition, according to Byrnes. PAR’s total employee count is now a little more than 1,400.
PAR Technology, through its wholly owned subsidiary ParTech, Inc., services more than 100,000 restaurants in over 110 countries that use its point-of-sale hardware and SaaS software.