Restaurant technology company PAR Technology has completed the acquisition of Australia-based foodservice transaction platform TASK Group Holdings.
The deal, initially announced in March 2024, positions PAR Technology to offer a comprehensive suite of services to top-tier foodservice brands worldwide.
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The acquisition, valued at $206m, was contingent on approvals from TASK’s shareholders, the Australian courts and regulatory bodies.
At the time, PAR Technology CEO Savneet Singh said: “Our goal at PAR has been to be the largest food service technology company in the world. Adding TASK will provide us with a global platform to build upon this vision.
“TASK not only broadens our reach beyond the United States and has a strong cash flow profile but also has the potential to bring premier global brands into the PAR fold and accelerate our future growth.”
PAR Technology has paid $131.5m in cash and issued 2,163,393 shares of common stock at closing.
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By GlobalDataTASK’s platform offers interactive customer engagement and seamless integration capabilities, making it the choice of brands such as Starbucks and Guzman Y Gomez.
McDonald’s utilises TASK’s loyalty customer engagement platform in 65 markets.
With the integration of TASK, PAR Technology is set to deliver a unified commerce approach, streamlining operations from front-of-house to back-of-house for enterprise foodservice brands.
The combined expertise of both companies is expected to offer a “better together” platform, facilitating seamless operations for foodservice companies globally.
