• Thu. Jun 20th, 2024

PAR Technology Corp. Sells Government Segment for $102 Million, Reinvesting Capital for Higher Returns in Enterprise Foodservice

BySamantha Jones

Jun 11, 2024
PAR Technology Sells Government Division for $102M, Focuses on Expanding Restaurant Technology

PAR Technology Corporation (NYSE:PAR) has sold its Government segment, including subsidiaries PAR Government Systems Corporation and Rome Research Corporation, for $102 million. The sale involved selling all equity interests in PGSC to Booz Allen Hamilton Holding Corporation (NYSE:BAH) on June 7. Additionally, a deal was made 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 acquisition of the Government segment enhances Booz Allen’s position at the intersection of mission and technology, aligning with its VoLT growth strategy and investment thesis. This move is in line with current and anticipated Department of Defense priorities. Savneet Singh, PAR Technology’s Chief Executive Officer, highlighted that the sale of the Government segment to strategic buyers like Booz Allen Hamilton and NexTech Solutions positions both PGSC and RRC for continued success. It also advances PAR’s goal to become the world’s largest technology provider to enterprise foodservice.

PAR shares closed higher by 6.12% at $45.57 on Monday following the announcement of the sale. The content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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