New Hartford, New York, United States
PAR Technology (NYSE: PAR) is a New York-based restaurant technology platform founded in 1968 originally as a defense contractor under the name Pattern Analysis Recognition. The company invented the point-of-sale terminal in 1978, went public in 1982 on the strength of a McDonald's rollout, and spent the following three decades as a hardware and services business before pivoting to cloud software. Savneet Singh took over as CEO in 2018 at age 34, inheriting a company with roughly $175 million in largely hardware-driven revenue, less than $10 million in cash, negative employee and customer NPS scores, and active DOJ and SEC investigations. Singh repositioned PAR around a software-first strategy anchored to the restaurant point-of-sale system, then accelerated growth through acquisitions. The company reached a peak valuation of approximately $2.1 billion in 2021 when it had only $30 million in software ARR, a moment Singh used to acquire loyalty platform Punchh for $500 million using what he described as inflated stock currency. By 2024, PAR had grown revenue to roughly $400 million to $450 million and returned to profitability, with two additional acquisitions, Task and Stuzo, adding $80 million in combined top-line revenue and more than $20 million in combined profits for a total outlay of approximately $400 million. The company serves 48 of the top 100 restaurant brands globally, including Taco Bell, Burger King, Dairy Queen, Arby's, Five Guys, and Sweetgreen. PAR targets a long-term cash flow margin of 25 to 30 percent and tracks ARR per share as its primary internal efficiency metric, which Singh said stood at $6 per share as of early 2024.
- Revenue
- $450M
- Year founded
- 1968
- Team size
- 1.7K
- Growth
- 25%
