PAR Technology Buys Punchh
PAR Technology Corp. has acquired Punchh Inc. for approximately $500 million paid in cash and shares of PAR common stock to Punchh stockholders. This acquisition makes PAR a unified commerce cloud platform for enterprise restaurants and positions PAR to lead the industry with integrated point-of-sale, back office, payment and guest engagement solutions.
The Conflict Between Restaurants & Tech
“Today there is a conflict between restaurants and technology. The quantity of new software applications is making it difficult for restaurants to navigate complex integration networks and taking away from focusing on their guests," says Savneet Singh, PAR Technology Corporation CEO & President. "Meanwhile, online marketplaces are becoming intermediaries between restaurants and their guests. With the Punchh acquisition, we are building a platform that enables restaurants to scale quickly, own their path to innovation, and take back their guest relationship. This eliminates the need for juggling disjointed vendors, developing cumbersome point-to-point integrations, and relying on 3rd party dependencies. At the same time, Punchh advances our ability to provide customers with an end-to-end solution, from guest-to-kitchen, through one unified data source.”
PAR’s point-of-sale and back-office solutions combined with Punchh's loyalty and engagement platform give customers an end-to-end solution.
Keith Pascal, Act III Partner, joins the Board of Directors of PAR Technology Corporation and, Ron Shaich, Act III Managing Partner and founder of Panera Bread, takes a Board Observer seat.
Shaich said, “...Those restaurant brands that can create a differentiated guest experience, aided by seamless omnichannel technology and a superior understanding of their guests’ preferences and behaviors, will be best positioned to win in the ever increasingly competitive restaurant marketplace. I believe PAR’s vision of a unified commerce cloud will enable more restaurant enterprises to compete effectively and efficiently in the digital arms race."