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The restaurant and related hospitality market has attracted plenty of attention the past few years from payment platforms, rendering the market one of the hottest in the field of digital payments and marketing. And the trend shows no signs of cooling off, as processors and related service providers look to get a seat at the table.
In the latest developments, Olo Inc. on Friday afternoon said it will offer its Olo Pay service at the point of sale for the first time through an agreement with Qu POS Inc., a Bethesda, Md.-based technology company. Early Monday, foodservice-payments specialist Par Technology Corp. announced it will acquire Task Group, a supplier of marketing technology to the hospitality industry, for about $206 million in what is proposed as an all-cash deal that is expected to close in the third quarter. Australia-based Task processes for clients such as McDonald’s and Starbucks.
Par, based in New Hartford, N.Y., also said it has closed on a $190-million acquisition of Stuzo Holdings LLC, a developer of digital-marketing technology for convenience stores.
Olo’s tie-up with Qu, which the companies say will go live “later this year,” comes as restaurants continue to seek out digital payments and marketing technology, a trend that gained momentum during the pandemic as eateries sought ways to attract customers. Olo scored a huge win in December with its announcement that it will process for Waffle House, a chain of nearly 2,000 restaurants in the South.
“Olo’s integration with Qu brings the industry one step closer to reaching 100% digital, equipping our restaurant brands with the flexible tools to increase orders, streamline operations, and make every guest feel like a regular,” Noah Glass, chief executive and founder of New York City-based Olo, said in a statement.
Meanwhile, Par’s deals for Stuzo and Task will bring more than $80 million in annual recurring revenue to the company while “unlocking significant new markets that ensure faster future growth.”, its chief executive, Savneet Singh, said in a statement.
Early reaction to Par’s news was slightly positive, as its stock was trading up about 0.29% a couple hours after the announcement, at $43.54 per share. Its high for the year is $49.44.
