TASK Group offers international unified commerce solutions such as interactive customer engagement and seamless integration, designed for major brands across the globe, while Stuzo provides digital engagement software to convenience and fuel retailers
PAR Technology announces acquisition of Stuzo and its intention to acquire TASK Group. (Credit: Gerd Altmann from Pixabay)
Foodservice technology company PAR Technology has announced the acquisitions of TASK Group and Stuzo for a combined sum of around $396m.
The acquisitions are expected to broaden PAR Technology’s cloud-based unified commerce software to extend its reach into convenience stores, fuel retailers, and global markets.
The US-based firm will acquire global foodservice transaction platform TASK Group in a cash and stock deal worth about $206m.
Based in Australia, TASK Group offers international unified commerce solutions. These include interactive customer engagement and seamless integration, designed for major brands across the globe.
Through the acquisition of TASK Group, PAR Technology aims to serve the top enterprise foodservice brands around the world by employing a unified commerce strategy spanning from front-of-house to back-of-house operations.
PAR Technology has acquired digital engagement software provider Stuzo in a cash and stock deal worth nearly $190m.
Stuzo provides digital engagement software to convenience and fuel retailers (C-Stores), including its Open Commerce platform.
PAR Technology intends to bolster its business strategy to expand its available market by addressing an expanding foodservice market with Stuzo.
The acquisition of Stuzo brings more than 25,000 sites and significant opportunities for innovation in the C-Store industry for PAR Technology.
PAR Technology CEO Savneet Singh said: “This is a monumental day for us at PAR – as we expand our business across the globe and enhance our product and service offerings for a wider range of the foodservice and fuel retail industry.
“Over the past five years, we have evolved our capabilities to include point-of-sale, loyalty, back-office, payment transaction services and digital ordering. The transactions announced today further our vision and help us to offer a more comprehensive set of best-in-class solutions for global brands.”
Gibson, Dunn & Crutcher was PAR Technology’s legal counsel in connection with the acquisition and financing transactions.
The acquisition of TASK Group is subject to the company’s shareholder approval, Australian court approval, certain regulatory approvals, and other customary conditions. After meeting all the conditions, it is anticipated to close in Q3 2024.