Restaurant technology company PAR Technology has completed the acquisition of Australia-based foodservice transaction platform TASK Group Holdings.
The deal, initially announced in March 2024, positions PAR Technology to offer a comprehensive suite of services to top-tier foodservice brands worldwide.
The acquisition, valued at $206m, was contingent on approvals from TASK's shareholders, the Australian courts and regulatory bodies.
At the time, PAR Technology CEO Savneet Singh said: “Our goal at PAR has been to be the largest food service technology company in the world. Adding TASK will provide us with a global platform to build upon this vision.
“TASK not only broadens our reach beyond the United States and has a strong cash flow profile but also has the potential to bring premier global brands into the PAR fold and accelerate our future growth.”
PAR Technology has paid $131.5m in cash and issued 2,163,393 shares of common stock at closing.
TASK's platform offers interactive customer engagement and seamless integration capabilities, making it the choice of brands such as Starbucks and Guzman Y Gomez.
McDonald's utilises TASK's loyalty customer engagement platform in 65 markets.
With the integration of TASK, PAR Technology is set to deliver a unified commerce approach, streamlining operations from front-of-house to back-of-house for enterprise foodservice brands.
The combined expertise of both companies is expected to offer a "better together" platform, facilitating seamless operations for foodservice companies globally.
