PAR Technology Corporation
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PAR Technology Corporation[edit]
| Public | |
| Traded as | NYSE: PAR |
| ISIN | 🆔 |
| Industry | Restaurant, Retail and Hospitality Technology |
| Founded 📆 | 1968 |
| Founder 👔 | John W. Sammon and Charlie Constantino |
| Headquarters 🏙️ | , New Hartford, New York , USA |
Area served 🗺️ | |
Key people | Savneet Singh (President and CEO) |
| Products 📟 | POS systems, loyalty systems, restaurant back-office, payment services, digital ordering, hospitality hardware |
| Revenue🤑 | $415M (2023) |
| Members | |
Number of employees | 1,000+ |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
PAR Technology Corporation is an American B2B technology company providing software and hardware solutions for the hospitality industry. The company is headquartered in New Hartford, New York and is traded on the New York Stock Exchange.
History[edit]
PAR Technology Corporation was co-founded in 1968 by John W. Sammon and Charlie Constantino, initially focusing on developing systems for the US Department of Defense [1]. Although PAR was founded as a consulting firm on applications of pattern recognition, PAR had also developed restaurant technology hardware for restaurants, resulting in a proposal to McDonald's that was initially turned down in 1976[2]. However, a year later, both companies were in contact again, and by 1980, PAR was named McDonald's official vendor[3]. PAR grew to rank 117 out of 500 in Financial World's 1983 annual ranking of America's top 500 growth companies [4]. PAR continued to grow its business in subsequent years through deals with IBM [5]and the U.S. Department of Transportation[6].
In 2005, PAR Technology expanded into restaurant software by acquiring PixelPoint Technologies, a company specializing in restaurant POS software[7]. The acquisition of Brink Software in 2014 marked a milestone for PAR Technology, introducing a cloud-based POS system into PAR's portfolio.[8]
Since 2018, under the leadership of Savneet Singh[9] PAR Technology has focused on expanding its software offerings through acquisitions. Key acquisitions include Restaurant Magic in 2019,[10] which brought back-office management solutions, and Punchh, an AI-driven digital loyalty platform, in 2021.[11][12]
In 2024, PAR Technology divested its government business segment to concentrate on its core restaurant and hospitality technology sectors.[13]
References[edit]
- ↑ "Charlie Constantino is remembered for philanthropy, global impact through PAR Technology". Rochester Business Journal. 29 November 2022. Retrieved 2024-06-16.
- ↑ Frank, Mark (1983-05-16). "Buffalonian's Firm Finally Got A Break – From McDonald's Corp". The Buffalo News. United Press International. Archived from the original on 2025-01-01. Retrieved 2025-01-01 – via Newspapers.com.
- ↑ Frank, Mark (1983-04-24). "Firm deserved a (computer) break from McDonald's". Democrat and Chronicle. United Press International. Archived from the original on 2025-01-01. Retrieved 2025-01-01 – via Newspapers.com.
- ↑ "PAR Technology on list of top growth companies". Daily Sentinel. 1984-10-03. Archived from the original on 2025-01-02. Retrieved 2025-01-02 – via Newspapers.com.
- ↑ Duffy, Lori (May 25, 1989). "PAR Announces IBM Pact". The Post-Standard. Archived from the original on Jan 2, 2025. Retrieved Jan 3, 2025.
- ↑ Gormley, James (Oct 23, 1998). [url=http://archive.today/2025.01.02-070216/https://www.newspapers.com/article/daily-sentinel-feds-par/161868040/ "Feds select PAR to create freight-tracking program"] Check
|archive-url=value (help). The Daily Sentinel. Archived from the original on Jan 2, 2025. Retrieved Jan 3, 2025. - ↑ "PAR Technology Acquires PixelPoint Technologies". Mergr. Retrieved 2024-06-16.
- ↑ "PAR Technology Acquires Privately Held Brink Software; Terms Not Disclosed". RTT News. Retrieved 2024-06-16.
- ↑ "Savneet Singh on leadership: Listen, synthesize ideas, provide clarity, own the result". Syracuse.com. 29 March 2022. Retrieved 2024-06-15.
- ↑ "Tampa-based restaurant software provider acquired in $42M deal". Tampa Bay Business Journal. Retrieved 2024-06-15.
- ↑ "Par Technology could be a dominant force after $500 million acquisition, Panera founder says". CNBC. 14 April 2021. Retrieved 2024-06-15.
- ↑ "Punchh raises $40 million for AI that promotes customer engagement and loyalty". VentureBeat. 14 November 2019. Retrieved 2024-06-15.
- ↑ "Booz Allen Buys PAR Government Systems to Expand Defense Portfolio". GovConWire.com. Retrieved 2024-06-15.
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