PAR Technology Corporation, a global force in foodservice technology, has made two significant moves to bolster its offerings in the convenience and fuel retail markets. On March 12, 2024, the company announced the acquisitions of TASK Group and Stuzo Holdings LLC, expanding its cloud-based, unified commerce software capabilities.
PAR agreed to acquire TASK Group for approximately $206 million and completed its acquisition of Stuzo for roughly $190 million. According to the company, these transactions align with PAR’s strategy of acquiring top-tier products with strong customer bases, substantial cross-selling potential, and large addressable markets.
“Our aim at PAR has always been to be the largest foodservice technology company globally. Adding TASK provides us with a worldwide platform to build upon this vision,” stated Savneet Singh, CEO of PAR Technology. “TASK not only extends our reach beyond the United States and has a robust cash flow profile but also has the potential to bring leading global brands into the PAR fold, speeding up our future growth.”
Stuzo, with its Open Commerce platform, is designed to assist convenience stores in capturing a larger share of customer spending and boosting customer lifetime value, according to a press release. With the integration of Stuzo, PAR now leads the technology space for convenience and fuel retailers, with over 25,000 sites and significant opportunities for innovation in the convenience channel.
