Tech supplier PAR acquires TASK and Stuzo for $400M
A few of PAR’s hardware and software offerings. | Photo courtesy of PAR
Restaurant technology supplier PAR is making a pair of acquisitions that it says will boost its presence in convenience stores and around the globe.
On the global front, PAR plans to buy Australia-based restaurant tech provider TASK Group for $206 million. The all-cash transaction is expected to close in the third quarter.
It’s also expanding its c-store business with the acquisition of ordering and loyalty supplier Stuzo for $190 million in cash and stock.
Both companies offer some services that overlap with PAR’s, which provides POS, loyalty, payments, kitchen display systems and more for restaurants. But they will broaden the company’s reach into new markets and industries, and continue its longtime practice of growth via M&A.
“Over the past five years, we have evolved our capabilities to include point-of-sale, loyalty, back-office, payment transaction services and digital ordering,” said PAR CEO Savneet Singh in a statement. “The transactions announced today further our vision and help us to offer a more comprehensive set of best-in-class solutions for global brands.”
TASK offers a “unified commerce platform” for restaurants that includes POS, online and mobile ordering, loyalty, digital signage and kitchen management software and hardware. When used in tandem, these features are designed to help restaurants streamline their operations and data.
The company was founded in 2000 and operates in 70 countries around the world. Australia is its biggest market and it currently has just one customer in the U.S. Clients include Starbucks and Guzman Y Gomez as well as McDonald’s in 65 markets.
Philadelphia-based Stuzo offers similar features as PAR and TASK, but for the c-store industry. Its “open commerce platform” includes a range of digital ordering tools as well as a loyalty system.
PAR already has a foot in c-stores via its Punchh loyalty product, which is used by several retailers including Casey’s. The addition of Stuzo will bring PAR to more than 25,000 stores.
TASK and Stuzo are expected to add more than $80 million to PAR’s annual recurring revenue—a 50% increase—and over $20 million of adjusted earnings before interest, taxes, depreciation and amortization, according to PAR.
PAR is used by more than 700 restaurant chains across more than 70,000 locations in the quick-service, fast-casual and full-service segments.
Most of its products are the result of acquisitions. It acquired the PixelPoint POS system for full-service operators in 2005; Brink’s cloud-based POS system in 2014; Data Central’s back-office software in 2019; Punchh’s loyalty software in 2021; and the MENU digital ordering system in 2022.
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