PAR Technology Corporation Sells Government Segment for $102 Million, Reinvesting Capital for Higher Returns

PAR Technology divests government segment for $102M, increases focus on restaurant technology.

PAR Technology Corporation (NYSE:PAR) has announced the sale of its Government segment, including subsidiaries PAR Government Systems Corporation and Rome Research Corporation, for $102 million. The company completed the sale of all equity interests in PGSC to Booz Allen Hamilton Holding Corporation (NYSE:BAH) on June 7. Additionally, PAR has entered into an agreement to sell RRC to NexTech Solutions Holdings, LLC (NTS), with the transaction expected to close by the end of the second quarter of 2024.

This divestiture is part of PAR’s strategy to sell non-core assets and reinvest capital for higher returns. The sale of the Government operating segment aligns with Booz Allen’s growth strategy, investment thesis, and current and anticipated Department of Defense priorities.

Savneet Singh, CEO of PAR Technology, commented on the sale stating that it represents a milestone in advancing PAR’s goal to become the world’s largest technology provider to enterprise foodservice. He also noted that the sale to Booz Allen Hamilton and NexTech Solutions provides a clear fit for these businesses and sets up PGSC and RRC for continued success.

PAR shares closed higher by 6.12% at $45.57 on Monday. It is important to note that this content was partially produced with AI tools and was reviewed and published by Benzinga editors.

PAR Technology Corporation (NYSE:PAR) has announced the sale of its Government segment, including subsidiaries PAR Government Systems Corporation and Rome Research Corporation, for $102 million. The company completed the sale of all equity interests in PGSC to Booz Allen Hamilton Holding Corporation (NYSE:BAH) on June 7. Additionally, PAR has entered into an agreement to sell…

Leave a Reply