PAR Technology Corporation (NYSE: PAR), a global foodservice technology company and provider of unified commerce for enterprise restaurant brands, today announced the acquisition of TASK Group Holdings Limited (ASX: TASK) and Stuzo Holdings, LLC.
The two transactions will collectively serve to expand the company's cloud-based unified commerce software offerings into convenience stores and fuel retailers, as well as international markets. Stuzo has deep penetration of the convenience and fuel retail category in North America and TASK is an Australian-based provider of technology solutions for global hospitality clients.
The press release stated that PAR entered into the agreement to acquire TASK Group for cash and PAR common stock at an implied value of approximately $206 million assuming an all-cash transaction, and has completed its acquisition of Stuzo Holdings, LLC for approximately $190 million paid in cash and stock. The closing of the TASK acquisition is expected to occur in the third quarter of 2024, subject to TASK shareholder approval, Australian court approval, certain regulatory approvals, and other customary closing conditions.
Both transactions adhere to PAR’s disciplined M&A strategy of acquiring best-in-class products with marquee customer bases, ample cross-selling opportunities, and significant addressable markets. Further, both deals are highly financially accretive and supercharge PAR’s path to sustainable profitability.
The acquisitions signify the most direct affirmation of a concept that a select few in our industry have been promoting – the need for a Unified Commerce approach to delivering stellar customer experience and in support of sustainable increases in lifetime customer value.
The Wise Marketer has been advocating the importance of building support for customer-centric business strategies at the enterprise level. To get the attention of the C-Suite, a holistic approach to planning, execution, and operations must be adopted.
When you read the details of this news and listen to the investor call, you will see the connection points between the acquisition just announced by PAR Technology and an enterprise approach to customer loyalty.
Resources:
Press Release: https://partech.com/wp-content/uploads/2024/03/031124-PAR-acq-sam-birdie-master-final.pdf
PAR Technology Corporation Investor Relations: https://partech.com/investor-relations/
Investor call recording: https://edge.media-server.com/mmc/p/7rth5ky8/
