Par Technology Corp., a global foodservice technology company, is acquiring Task Group, an Australia-based global foodservice transaction platform, and Stuzo, a digital engagement software provider to convenience and fuel retailers.

The Task agreement includes a $206 million all-cash transaction to be completed by Q3, and the $190 million transaction for Stuzo has closed.

"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," Savneet Singh, CEO of Par Technology, said in the release. "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."

The agreements allow Par to expand its cloud-based unified commerce software offerings into convenience stores, fuel retailers and international markets.

"This is a monumental day for us at Part 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," Singh added. "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 acquisitions will add over $80 million of annual recurring revenue and over $20 million of Adjusted EBITDA to Par.

"Simply put, we expect to increase our ARR by well over 50% while adding meaningful cashflow and unlocking significant new markets that ensure faster future growth," Singh said.

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