PAR Technology Corporation (“PAR” or the “Company”)
has operations in two distinct business segments: Hospitality and Government.
PAR’s Hospitality business segment, representing approximately 62% of
consolidated revenue from continuing operations, provides technology solutions,
including software, hardware and a full range of support services, to businesses
and organizations within the global hospitality industry that includes restaurants,
grocery stores and specialty retail outlets. The Company continues to be a leading
provider of hospitality management technology solutions to restaurants (the
quick service, fast casual and table service categories) with over 75,000 systems
installed in over 110 countries. In addition, the Company is expanding its business
into retail, big box retailers, grocery stores, food distribution, and contract
food management organizations with PAR’s food safety and task management
solution, SureCheck®. These technology solutions are marketed collectively
through the Company’s hospitality segment.
PAR’s solutions for the restaurant industry integrate software applications,
hardware platforms, software delivery, installation and lifecycle support services.
PAR’s software offerings for the Restaurant market include front-of-store
POS software applications, operations management software applications (known
as back office software), and enterprise software applications for content management
and business intelligence. PAR’s hardware offerings for the Restaurant
market include Point-of-Sale (“POS”) terminals, tablets, kitchen
systems utilizing printers and/or video monitors, and a wide range of food safety
monitoring and task management hardware and software solutions.
The Company markets its software, hardware and services as an integrated solution
or unbundled, on an individual basis. PAR’s Brink POS® (“Brink”)
software is a modern, cloud-based, feature-rich POS platform that seamlessly
scales for single and multi-unit operators with traditional and mobile platforms.
PAR hardware offerings, particularly its POS terminals, are highly regarded
by the hospitality industry for their broad functionality, reliability, durability,
and highest quality. The Company often sells hardware in combination with services,
thereby delivering maximum system performance on a cost-effective basis. PAR
emphasizes the operational and economic value of a bundled, integrated solution,
combining software, hardware and services that provide customers a comprehensive
solution that enhances efficiencies in restaurant operations, while also providing
operational and marketing insights.
Software: Restaurant Market
PAR restaurant software offerings are designed for multi-unit and individual
restaurant operators, franchise and the enterprise alike in the three dominant
restaurant categories: fast casual restaurants (“FC”), quick serve
restaurants (“QSR”) and table service restaurants (“TSR”).
Each of these restaurant categories has distinct operating characteristics and
service delivery requirements that are managed by PAR’s Brink and PixelPoint
software offerings. PAR’s software is designed to allow customers to configure
their technology systems that meets their order entry, food preparation, inventory,
and workforce management needs, while capturing real-time transaction data at
each location and delivering valuable insight throughout the enterprise.
Brink software is a leading cloud based point of sale (“POS”) software
for restaurants, especially the rapidly growing fast casual segment. As a cloud-native
POS platform and a more efficient model than on premised POS software, the need
for a back-office server in the restaurant is eliminated. Additionally, the
cloud native model simplifies software version control and organizational updates,
unlike legacy POS systems. Brink POS software is integrated with features that
include but are not limited to loyalty at its core, mobile online ordering,
kitchen video system, guest surveys, enterprise reporting, mobile dashboard.
PAR’s PixelPoint® software solution is primarily sold to independent
table service and quick serve restaurants through our channel partners. This
integrated software solution includes a point of sale software application,
a self-service ordering function, an enterprise back-office management function,
and an enterprise level loyalty and gift card information sharing application.
PixelPoint Head Office Cloud is a web-based enterprise reporting solution that
consolidates restaurant data, and is offered as Software-as-a-Service (“SaaS”).
Designed for corporate, field, and site managers, this decision-making tool
provides visibility into every restaurant location via a dashboard displaying
customer-defined financials, sales analysis, marketing, inventory, and workforce
variables. PAR also offers applications for forecasting, labor scheduling, and
inventory management.
Software: Retail Market
The SureCheck software solution provides food safety temperature monitoring
and employee task management functionality through the combination of a cloud-based
enterprise server application, a PDA-based mobile application and a patented
integrated temperature measuring device. This solution is effective for managing
Hazard Analysis & Critical Control Points (“HACCP”) inspection
programs for retail and food service organizations, and automates the monitoring
of quality risk factors while dramatically lowering the potential for human
error. The SureCheck platform was also designed to help hospitality and retail
operators efficiently complete and monitor the compliance of employee tasks
while providing insight on abnormal checklist conditions, providing configurable,
automated alerts when tasks are behind schedule or out of compliance. The data
captured through this solution is used to manage policy compliance and oversight,
loss prevention, safety, merchandising, and other audits unique to the customer.
Hardware
The PAR EverServ® family of hardware platforms are designed to operate
in harsh hospitality environments, be durable and highly functioning, scalable
and easily integrated - offering customers competitive performance at a cost-conscious
price. The Company’s hardware platforms, compatible with popular operating
systems, support a distributed processing environment and are suitable for a
broad range of use and functions within the markets served. PAR’s open
architecture POS platforms are optimized to host the Company’s POS software
applications, as well as many third-party POS applications, and are compatible
with many peripheral devices. PAR partners with numerous vendors of complementary
in-store peripherals, from cash drawers, card readers and printers to kitchen
video systems, allowing the Company to provide a complete solution integrated
and delivered by one vendor.
PAR currently offers a range of POS hardware platforms, designed to meet and
exceed the needs of its customers, regardless of the restaurant concept, the
size of the organization or the complexity of its requirements. PAR’s
hardware terminal offerings are primarily comprised of three POS product lines:
EverServ 500, EverServ 7000 Series and EverServ 8000 Series.
PAR’s hardware offering, the EverServ 500 platform, is built with the
same rugged durability PAR is known for and is a value platform for operators
that require fewer features/functions. Its small ergonomic footprint is ideal
for installations where space is at a premium. The EverServ 500’s solid
state design is quiet, offers low power consumption and minimizes maintenance.
The patented EverServ 7000 series is, designed to offer PAR’s combination
of performance, style, ease of service, remote management, flexibility and modularity.
The EverServ 7000 series hardware is built to perform in harsh operating environments,
enduring extremely high customer traffic and transaction activities and the
difficult restaurant/retail environments that includes grease and liquid spills.
The high performance architecture of the 7000 series supports demanding applications
and delivers the speed needed to improve customer throughput.
The patent pending EverServ 8000 series is designed to offer PAR’s combination
of performance, style, ease of service, remote management, flexibility and modularity.
These platforms are designed and developed based on the latest technology platforms
from Intel Corporation. The EverServ 8000 series hardware offers the most modern
design and one of the smallest footprints available in the market and is built
to perform in harsh operating environments, enduring extremely high customer
traffic and transaction activities and the difficult restaurant/retail environments
that includes grease and liquid spills. The high performance architecture of
the series supports demanding applications and delivers the speed needed to
improve customer throughput.
PAR’s Government business provides a range of technical services for
the DoD and federal agencies. This segment is dedicated to serving ISR customers,
through specialized development of advanced signal and image processing and
management systems with a focus on geospatial intelligence, geographic information
systems, and command and control applications. Additionally, this business provides
mission critical telecommunications, satellite command and control, and information
technology operations and maintenance services worldwide to the U.S. DoD.
ISR:
Intelligence, Surveillance and Reconnaissance: The Company provides a variety
of geospatial intelligence solutions including full motion video, geospatial
information assurance, raster imagery, and LiDAR. In depth expertise in these
domains provides government customers and large systems integrators with key
technologies supporting a range of applications from strategic enterprise systems
to tactical individual users. Furthermore, PAR has developed a number of products
relative to these advanced technologies and provides integration and training
support.
Mission Systems:
Systems Engineering & Evaluation: The Company integrates and tests EO,
IR, Radar, and multi/hyper-spectral sensor systems for a broad range of government
and industry surveillance applications. The Company designs and integrates radar
sensor systems including experimentation, demonstration, and test support. The
Company also provides scientific and technical engineering and analysis to intelligence
community customers, as well as program management services for the acquisition,
development, and deployment of advanced prototypes and quick reaction systems.
Satellite & Telecommunications Services: The Company provides a wide range
of technical and support services to sustain mission critical components of
the DoD’s global information grid (“GIG”). These services
include continuous 24/7/365 operations, system enhancements and associated maintenance
of very low frequency (“VLF”), high frequency (“HF”)
and very high frequency (“VHF”) ground-based radio transmitter/receiver
facilities. Additionally, the Company operates and maintains several extremely
high frequency (“EHF”) and super high frequency (“SHF”)
satellite communication earth terminals and teleport facilities. The DoD communications
earth stations operated by the Company is the primary communications infrastructure
utilized by the national command authority and military services to exercise
command and control of the nation’s air, land and naval forces and provide
support to allied coalition forces.
Space & Satellite Control Services: The Company provides satellite operation,
management, and maintenance services in support of satellite control center
operations. Primary services include satellite telemetry monitoring, tracking
and command support, and satellite control in order to provide reliable space-based
satellite services conducting command, control, communications, computers, intelligence,
surveillance and reconnaissance (“C4ISR”) operations. The Company
delivers services in support of satellite telemetry, tracking, control and remote
terminal operations from 7 locations worldwide.
Information Technology/Systems Services: The Company provides information technology
services to the DoD and federal agencies. These services include helpdesk services,
systems administration, network administration, information assurance and systems
security, database administration, telephone systems management, testing and
testbed management, and ITIL-based service management
