PAR Technology Acquires Punchh
PAR Technology, a provider of restaurant software, has acquired Punchh, a loyalty and guest engagement solutions provider, for approximately $500 million.
Savneet Singh, PAR Technology's CEO and president, said in a statement: "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 relationships. This eliminates the need for juggling disjointed vendors, developing cumbersome point-to-point integrations, and relying on third-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.
"In our view, Punchh is the preeminent loyalty and CRM SaaS provider to enterprise restaurants. They boast a blue-chip roster of customers, industry-leading growth, 100 percent 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," Singh added.
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 customers' 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."