PAR - Greenhaven Road Capital - PAR Technology: Just At The Beginning Of A Tidal Wave Of Large Deals

2024-02-10 09:45:00 ET

Summary

• In October, PAR Technology announced their biggest customer win, Burger King.
• This overnight success was almost 10 years in the making and the result of a series of product, hiring, and acquisition decisions.
• PAR is just at the beginning of a tidal wave of large deals coming to market, which should provide for long-term sustainable growth.

The following segment was excerpted from this fund letter.

PAR Technology ( PAR )

In October, our largest holding, PAR, announced their biggest customer win, Burger King. The path to Burger King was long and winding. One could argue that the first seeds were planted in 2014 when the company bought a cloud-based Point of Sale system called Brink. However, it also would not have happened if CEO Savneet Singh had not been hired in 2018. It also would not have happened if the company had not decided to pursue their Unified Commerce strategy in 2021. This overnight success was almost 10 years in the making and the result of a series of product, hiring, and acquisition decisions....

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