Stuzo Holdings LLC acquired by Par Technology, sets sights on becoming top food service platformPar Technology purchases Stuzo for $190M, expands reach in retail market with Wawa contracts. Credit: techxplore.com

"It's time for Wawa!" exclaimed Gunter Pfau, the founder of Stuzo Holdings LLC, a software company located in Center City. Pfau recently sold Stuzo to Par Technology Corp. for $190 million in cash and stock on . As part of a larger, publicly traded company, Pfau believes Stuzo will have an advantage when competing for contracts with Wawa and other major chains.

Stuzo's current customers include gas station and convenience store chains like Chevron, Marathon Petroleum, Murphy U.S., Yesway, Delek, and Circle K. Delaware County-based Wawa, owned by the Wood family and the subject of occasional public stock offering rumors, has begun expanding nationally from its traditional East Coast markets. Wawa also works with other contractors and suppliers from the Philadelphia area, such as Tastykake and Amoroso's.

Stuzo has around 215 employees, with a majority of the technology team based in Eastern European countries like Ukraine. The company's headquarters, including a testing lab, is located at 211 N. 13th St. near Reading Terminal Market, though most employees are currently working remotely.

"This is the third time I've sold this company," Pfau mentioned, noting that he had previously taken on private-equity investors in and later bought Stuzo back, before selling a controlling interest to Lakeshore Capital in . Lakeshore agreed to sell its shares as part of the acquisition by Par Technology. Typically, private-equity investments last for years. Pfau also stated that Lakeshore partners were not putting pressure on Stuzo to sell early, but were happy to make a profit on their investment as venture deal making has slowed due to higher interest rates.

Along with the purchase of Stuzo, Par Technology also announced their acquisition of Task, an Australia-based software company that provides retail food-service platforms for transactions and loyalty rewards. The acquisition was for $206 million in cash and Task has clients such as Starbucks and McDonald's.

Par Technology's CEO, Savneet Singh, stated in a press release that their goal is to become the largest food service technology platform in the world. Combining the profits (excluding financial costs) from Stuzo and Task over the past year, the total is estimated to be around $20 million, with Par Technology's sales reaching over $400 million last year. Singh believes that the merger will allow the combined companies to expand into new markets and win significant business.

Jake Kiser, the former head of Chicago-based retail-software firm Hatch Loyalty, which was acquired by Stuzo in , will now serve as the top manager of Par Stuzo.

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