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MarketScreener Homepage  >  Equities  >  Nyse  >  PAR Technology Corporation    PAR

PAR TECHNOLOGY CORPORATION

(PAR)
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PAR Technology : DAVO Joins Brink POS® Integration Ecosystem, Simplifies Sales Tax Collection and Payment

02/05/2021 | 02:34am EST

New Hartford, NY - February 5, 2021 - ParTech, Inc. ('PAR'), a leading global provider of point of sale (POS) software and integrated technical solutions to the restaurant and retail industries, has added DAVO Sales Tax®, a sales tax management service, to its integration partner ecosystem. ParTech, Inc. is a wholly owned subsidiary of PAR Technology Corporation (NYSE: PAR).

DAVO simplifies the sales tax management process for restaurant operators without forcing them to take any additional actions on their end. Using PAR's Brink POS® platform, DAVO uses data collected from each sale to set aside the exact amount of sales tax for each purchase, compiling it each day. The sales tax is then moved to a safe and secure account until the sales tax remittance is due.

When it's time to pay taxes, DAVO automatically files and remits your sales tax to the state on your behalf, using the funds that have been set aside each day. Operators no longer need to be concerned with trying to calculate how much their restaurants owe, when to file, or having the money on hand when it's time to pay.

For DAVO CEO, Peter Murray, integrating with PAR Brink POS was a logical choice.

'PAR has an amazing reputation in the restaurant industry and a wonderful team,' Murray said. 'We're excited to partner with PAR to launch DAVO Sales Tax on their Brink POS platform. DAVO will be a great asset to help restaurants using PAR Brink POS fully automate their sales tax management.'

Stephen Lee, Director of Strategic Partnerships at ParTech, Inc. commented, 'By taking the hassle out of money management and tracking down sales tax information, restaurant operators can spend more time growing their business and less time filing paperwork. The fact that all of the management is happening on the back-end without the operator actually needing to do any additional work on their end makes the entire sales tax process less of a burden.'

Over the past two years, DAVO customers have realized automatic filing of over $120 million in sales tax.

About DAVO Technologies

DAVO puts sales tax on autopilot by using sales data from retailer POS systems to set aside the exact amount of sales tax collected daily and then filing it and paying it when it's due. Founded in 2015, DAVO's automated sales tax services are available through direct integrations with several popular POS platforms and the service only takes a few minutes to set up. For more information, please visit: www.davosalestax.com On social media: LinkedIn, Facebook, Instagram, YouTube, and Twitter

About PAR Technology Corporation

PAR Technology Corporation through its wholly owned subsidiary ParTech, Inc., is a customer success-driven, global restaurant and retail technology company with over 100,000 restaurants in more than 110 countries using its point of sale hardware and software. ParTech's Brink POS integration ecosystem enables quick service, fast casual, table service, and cloud restaurants to improve their operational efficiency by combining its cloud-based POS software with the world's leading restaurant technology platforms. 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 or Twitter.

Disclaimer

Par Technology Corporation published this content on 05 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 February 2021 07:33:01 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2020 213 M - -
Net income 2020 -25,9 M - -
Net cash 2020 81,5 M - -
P/E ratio 2020 -63,1x
Yield 2020 -
Capitalization 1 871 M 1 871 M -
EV / Sales 2020 8,40x
EV / Sales 2021 7,20x
Nbr of Employees 1 000
Free-Float 85,3%
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Mean consensus BUY
Number of Analysts 5
Average target price 83,75 $
Last Close Price 86,88 $
Spread / Highest target 20,9%
Spread / Average Target -3,60%
Spread / Lowest Target -13,7%
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Managers and Directors
NameTitle
Savneet Singh President, Chief Executive Officer & Director
Bryan A. Menar Chief Financial & Accounting Officer
Charles Wurster Chief Technology Officer
Cynthia Ann Russo Independent Director
Douglas G. Rauch Independent Director
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