PAR Technology Corporation Announces Alignment of Workforce with Focus on Key Strategic Priorities
January 14 2019 - 5:04PM
Business Wire
PAR Technology Corporation (NYSE: PAR) (“PAR” or the “Company”)
today announced a strategic reduction in workforce at the Company
and its subsidiary, ParTech, Inc. The reduction is designed to
lower operating expenses while the Company focuses on securing its
position as a leader in enterprise, point-of-sale cloud software
solutions for the restaurant and retail industries.
“The reductions announced today are another critical step in PAR
becoming an efficient and flexible organization in a highly
competitive market and in building a solid foundation for the
Company's future growth," commented Savneet Singh, CEO &
President of PAR. “As a Company we’ve begun to put a deep
discipline around capital allocation with a constant focus on
return on invested capital.”
Mr. Singh concluded, “The people who are leaving today have made
huge contributions to our company and culture. We’ve been humbled
to work with each and everyone one of them and have not lost sight
of the impact of our decision; it was difficult, but necessary as
we prepare PAR for the future we deeply believe in.”
ABOUT PAR TECHNOLOGY CORPORATION
PAR Technology Corporation (PAR) is a leading global provider of
software, systems, and service solutions to the restaurant and
retail industries. Today, with 40 years of experience and
point of sale systems in nearly 100,000 restaurants and more than
110 countries, PAR is redefining the point of sale through cloud
software and bringing technological innovation to all corners of
the enterprise. PAR’s Government business is a leader in providing
computer-based system design, engineering and technical services to
the Department of Defense and various federal agencies. PAR
Technology Corporation's stock is traded on the New York Stock
Exchange under the symbol PAR. For more information, visit
www.partech.com or connect with PAR on Facebook at
www.facebook.com/parpointofsale or Twitter at
www.twitter.com/Par_tech.
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version on businesswire.com: https://www.businesswire.com/news/home/20190114005816/en/
Christopher R. Byrnes315-738-0600 ext.
6226chris_byrnes@partech.com, www.partech.com
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