Restaurant Tech Provider PAR to Buy Startup Punchh for $500 Million
- PAR shares rise as much as 16% on news of the deal Thursday
- Startup Punchh is backed by Sapphire Ventures, Adams Street
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PAR Technology Co. said it would acquire startup Punchh, which makes software for restaurant loyalty programs, for $500 million in cash and stock.
Act III Holdings, which is the investment firm of Panera Bread Co. founder Ron Shaich, and T. Rowe Price Group Inc. will be investing in PAR as part of the deal, according to a statement that confirmed a Bloomberg News report.