Task Group to be acquired by US firm for $310 million

An Australian and New Zealand-based tech company that makes customer loyalty apps for fast food restaurants has agreed to be acquired by a US firm for $310 million.

ASX-listed Task Group announced on Monday it had agreed to be acquired by PAR Technology Corp for more than double the value of its recent share price.

PAR will pay 81 cents per share, a 103 per cent premium, and also have an option of receiving half of their consideration in PAR’s New York Stock Exchange-listed shares.

Task Group chief executive Dan Houden said that the combination offered Task a better base on which to achieve its international ambitions.

PAR Technology, a $US1.2 billion company, makes software used by more than 70,000 restaurants in 110 countries.

Task Group, a 200-person company with offices in Auckland, Sydney’s Northern Beaches, San Diego, Poland and Japan, makes white-label customer loyalty apps for quick serve restaurants, including McDonald’s, in dozens of countries around the world.

Its clients in Australia include Starbucks, Guzman Y Gomez, Retail Food Group and Accor and CommBank stadiums.

Task Group Holdings was formed in 2021 when New Zealand-based marketing software company Plexure Group spent $120 million to acquire Task Software, a company founded by the Houden family in Sydney in 2000.

PAR Technology president and chief executive Savneet Singh said the combination of the two most complete technology solutions in the industry was incredibly exciting.

“PAR and Task will serve our respective customers globally and create a talent base we believe to be unmatched in the industry,” he said.

On Monday afternoon Task Group shares were up 91.3 per cent to 76.5 cents.