PAR Technology, a leading provider of payments software services to restaurant and retail clients, recently announced its acquisition of Delaget for $132 million. The deal, which closed on Tuesday, aims to enhance PAR’s offerings to its restaurant clients by providing new tools for improved operations, cost reduction, and enhanced back-office processing, delivery service, and data analytics capabilities. PAR’s CEO, Savneet Singh, expressed the company’s commitment to helping restaurant operators succeed in a competitive market through innovative solutions.
Delaget, a company with a strong clientele that includes well-known fast food chains like Taco Bell, Pizza Hut, KFC, Burger King, and IHOP, brings valuable expertise and experience to PAR Technology. With this acquisition, PAR is poised to further strengthen its position in the industry and offer a comprehensive suite of services to its customers.
As a publicly-traded company, PAR Technology offers a range of software and hardware solutions for point-of-sale, payments, digital ordering, loyalty programs, and back-office management. The company serves clients in 110 countries, with a diverse portfolio of 700 clients across various restaurant segments, from fast casual to table service dining, operating at 70,000 locations worldwide.
In its annual report filed with the Securities and Exchange Commission, PAR Technology acknowledged the competitive and rapidly evolving nature of the markets for its products and services in the restaurant and retail segments. The company faces competition from multiple suppliers of similar software and hardware solutions, particularly among larger customers who have multiple approved vendors.
In addition to its presence in the restaurant and retail sectors, PAR Technology also provides software services to clients in other industries, including federal government agencies such as the U.S. Defense Department. Despite reporting annual losses in the range of $69 million to $76 million over the past three years, PAR Technology’s revenue has steadily increased, reaching $415.8 million in 2023.
The acquisition of Delaget represents a strategic move for PAR Technology to enhance its capabilities and offerings for the benefit of its clients. By combining Delaget’s expertise in restaurant analytics and back-office operations with PAR’s existing suite of services, the company is well-positioned to provide comprehensive solutions that address the evolving needs of the restaurant industry.
With a strong focus on innovation, customer success, and operational efficiency, PAR Technology continues to demonstrate its commitment to helping restaurant operators thrive in a competitive market. The acquisition of Delaget underscores the company’s dedication to delivering value-driven solutions that empower its clients to achieve their business goals and drive growth in an ever-changing industry landscape.
Overall, the acquisition of Delaget by PAR Technology represents a significant milestone in the company’s growth strategy and reinforces its position as a leader in the payments software services industry. By leveraging the expertise and capabilities of both companies, PAR Technology is poised to create new opportunities for its clients and drive continued success in the dynamic and competitive restaurant market.