PAR Tech announces acquisition

Posted 9/5/19

NEW HARTFORD — ParTech, Inc., has agreed to acquire the assets of 3M’s Drive Thru Communications Systems business. According to an announcement by Par officials, “3M is a technology leader in …

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PAR Tech announces acquisition

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NEW HARTFORD — ParTech, Inc., has agreed to acquire the assets of 3M’s Drive Thru Communications Systems business.

According to an announcement by Par officials, “3M is a technology leader in drive thru communications for restaurants with a comprehensive offering of wireless headsets for order taking in the drive thru....”

“3M’s wireless communications solutions have modernized communication tasks in foodservice utilizing high quality sound and speaker systems,” the announcement said, adding that “3M’s Drive Thru communication portfolio will strategically expand PAR’s restaurant technology solution to offer a complete end-to-end order taking system, which includes Brink POS software, EverServ hardware platforms and industry leading services.”

“As we continue the transformation of both our hardware and software businesses, we believe our acquisition of the assets of 3M’s drive thru business will immediately diversify our cyclical hardware business with a high margin and high quality product line, providing strong cashflow and a much larger share of the restaurant technology stack,” commented Savneet Singh, CEO and president of PAR Technology Corporation.

“The wireless headset communication portfolio is an attractive bolt-on, that effectively leverages our current infrastructure with minimal incremental investment,” Singh added. “This portfolio will increase our footprint and wallet share in the restaurant, that in turn will accelerate stronger lead generation for our Brink POS cloud offering.”

“In addition, we believe this acquisition will be financially accretive day 1, well before any synergies are instituted, and diversifies our core business from the cyclicality of our traditional POS buying cycle.”

The acquisition is expected to close on September 30.

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