Thursday, Jan 14th 2021

PAR Technology Wins Carl's Jr. and Hardee's


PAR Technology Corporation, a Titan Opportunities portfolio company, saw its stock rise +12% today after announcing another home run deal. We're extremely bullish on the sales opportunity this deal will unlock.

First, the news: CKE Restaurant Holdings, Inc. (CKE), the company that operates Carl's Jr. and Hardee's brands, has selected PAR Brink POS software for their corporate-owned restaurants and select franchisee restaurants.

This deal could add up to ~3,900 restaurants (+30%) to PAR's customer count. At ~$3,000 average revenue, this could be a ~$12M annual recurring revenue opportunity for PAR's Brink business (+50% growth).

Reminder: PAR is a leading global provider of point of sale (POS) solutions and integrated technical solutions to the restaurant and retail industries. We believe it is en route to becoming a pure-play software-as-a-service (SaaS) company with growing locations and pricing power.

CKE has been a long-time PAR hardware & services customer. When the company began looking for cloud-based software capable of enabling future technology stacks, Brink POS was uniquely positioned to help. PAR’s established history of providing CKE with reliable hardware and service solutions, and experience serving other customers in the Tier 1 Quick Service Restaurant space, gave the CKE the confidence to move forward with Brink POS.

"Innovative brands like Hardee’s and Carl’s Jr. understand that increasingly, exceptional guest experiences are being delivered digitally," said Savneet Singh, PAR CEO. "We are pleased that CKE chose PAR’s Brink POS and its open platform to power their demanding store operations and as the foundation of their commitment to ongoing innovation."

PAR’s Brink POS rollout is expected to start this quarter and continue throughout 2021.

Despite PAR's stock having risen +90% since we bought it for Titan clients in August 2020, we remain bullish on the total market opportunity, management execution, earnings power, and valuation upside of the company from here.

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