PAR Technology provides cloud-based software and hardware to enterprise restaurant chains and, increasingly, convenience and fuel retailers. Core customers include McDonald's, Burger King, Yum! Brands, Popeyes, and Dairy Queen. PAR's platform splits into two product families: Operator Cloud, which includes a cloud-based POS system, back-office analytics (PAR OPS), and payment processing (PAR Pay); and Engagement Cloud, which includes Punchh, a loyalty and marketing platform for enterprise restaurants, plus PAR Ordering for digital ordering and PAR Retail for C-store loyalty. PAR sells primarily to large enterprise chains through a direct sales force, with smaller customers handled through resellers. Revenue breaks down into subscriptions (~63% of revenue), hardware (~25%), and professional services (~12%). Subscriptions are charged on a per-site, per-module SaaS basis, creating a recurring revenue model where a new enterprise win drives ARR additions across a multi-year rollout. PAR's core growth thesis — the "Better Together" strategy — involves attaching multiple products to the same customer, expanding revenue per site without incremental customer acquisition cost. PAR has grown its platform through acquisitions, adding Punchh, TASK (international POS), Delaget, and GoSkip over recent years, each intended to expand the integrated stack and drive cross-sell. PAR is also pushing into AI with its Coach AI tool, which allows operators to query operational data in natural language.