PAR Technology Corporation Acquires Leading Loyalty Provider Punchh Inc. for $500MM, Becoming a Unified Commerce Cloud Platform for Enterprise Restaurants
PAR Technology Corporation (NYSE: PAR), a leading global provider of restaurant software, today announced that it has acquired Punchh Inc. (“Punchh”), a leader in loyalty and guest engagement solutions, 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.
Savneet Singh, PAR Technology Corporation CEO & President, said “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. 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.”
Singh added, “In our view, Punchh is the pre-eminent loyalty and CRM SaaS provider to enterprise restaurants. They boast a blue-chip roster of customers, industry-leading growth, 100%+ net dollar retention and very high customer NPS scores. Punchh’s highly experienced team are among the industry’s best – we’re beyond excited to have them join us on our ambitious journey. I am also pleased to report that the combined companies, on a pro-forma basis, at the end of 2020, would have generated $65 million in run-rate ARR, while maintaining our growth and net dollar retention.”
Shyam Rao, Co-founder and President of Punchh, said “With its Brink POS, PAR has been a Punchh partner for many years. We’ve gotten to know them while jointly servicing customers and have always been impressed with their focus on their customer’s success. PAR’s point-of-sale and back-office solutions combined with our loyalty and engagement platform give customers an end-to-end solution for top-line growth, profitable guest relationships and operational efficiencies. We’re excited to join the PAR team and further our offerings to the hospitality industry.”
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