PAR Technology Corporation Announces Sale of Wholly Owned Subsidiaries PAR Government Systems Corporation and Rome Research Corporation
June 10 2024 - 6:30AM
Business Wire
PAR Technology Corporation (NYSE: PAR), a global restaurant
technology company providing unified commerce solutions for
enterprise foodservice announced today that it has agreed to the
sale of its Government operating segment via the sale of its wholly
owned subsidiaries: PAR Government Systems Corporation (PGSC) and
Rome Research Corporation (RRC) for a combined total of $102
million.
PAR announced it has completed the sale of 100% of the issued
and outstanding equity interests of PGSC to Booz Allen Hamilton
Inc. (NYSE: BAH) in a simultaneous sign and close of the
transaction on June 7, 2024.
PAR has also entered into a definitive acquisition agreement to
sell RRC to NexTech Solutions Holdings, LLC (NTS). Pursuant to the
definitive acquisition agreement, NTS will acquire 100% of the
issued and outstanding equity interests of RRC with an expected
close by the end of Q2, 2024.
“Today’s announcement represents a milestone in advancing PAR’s
goal to become the world’s largest technology provider to
enterprise foodservice,” commented Savneet Singh, PAR Technology’s
Chief Executive Officer. “The sale of our Government operating
segment to notable strategic buyers, Booz Allen Hamilton and
NexTech Solutions provides a clear fit for these businesses, allows
for a seamless transition and sets up both PGSC and RRC for
continued success.”
Mr. Singh continued, “The divestiture is part of our efforts to
divest non-core assets and reinvest capital where it will receive
the highest return.”
Baird and Gibson, Dunn & Crutcher LLP advised PAR Technology
Corporation. Jefferies LLC and King & Spalding LLP advised Booz
Allen.
ABOUT PAR TECHNOLOGY
For more than 40 years, PAR Technology’s (NYSE: PAR)
cutting-edge products and services have helped bold and passionate
restaurant brands build lasting guest relationships. We are the
partner enterprise restaurants rely on when they need to serve
amazing moments from open to close, during the most hectic rush
hours, and when the world forces them to adapt and overcome. More
than 95,000 restaurants in more than 110 countries use PAR’s
restaurant hardware, software, loyalty, drive-thru, and back-office
solutions. To learn more, visit www.partech.com or connect with us
on LinkedIn, Twitter, Facebook, and Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20240610850484/en/
Christopher R. Byrnes (315) 743-8376 cbyrnes@partech.com,
www.partech.com
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