Latest news with #restauranttechnology
Yahoo
19-05-2025
- Business
- Yahoo
Clover introduces new POS system for upscale restaurants
Clover, a point-of-sale (POS) solution from Fiserv, has unveiled Clover Hospitality by BentoBox at the 2025 National Restaurant Association (NRA) Show in Chicago. The launch represents an advancement for Clover, which already serves more than 125,000 restaurants, as it seeks to broaden its impact within the hospitality sector. The new technology suite meets the needs of upscale dining establishments, combining hardware, software and payment solutions to improve service and profitability. Clover's foray into the restaurant industry has been characterised by a grasp of the challenges faced by restaurateurs, from daily operations to the ever-changing expectations of guests, states the company. Its technology has supported an array of restaurants, enhancing operational efficiency with user-friendly tools that integrate front-of-house and back-of-house functions. Clover Hospitality is set to further streamline these processes to expedite service and table turnover. The Clover Hospitality system incorporates omnicommerce capabilities from BentoBox, which Fiserv acquired in 2021. This integration enables restaurants to expand their online presence, diversify revenue streams and interact with customers through advanced websites, ordering systems, reservation tools and marketing resources. With this expansion, Clover aims to cater to an even wider spectrum of dining establishments, from local outlets to global brands. Clover has partnered with Union Square Hospitality Group (USHG) to introduce Checkless Payments, a method allowing diners to pay without the traditional bill presentation. It has been devised by Fiserv's former Chairman, CEO and president Frank Bisignano, and USHG's executive chairman and founder Danny Meyer. Currently being trialled at USHG's Manahatta restaurant, this feature is set to be rolled out to other locations utilising the Clover Hospitality system. Fiserv senior vice-president and head of restaurants Krystle Mobayeni said: 'Clover has always been a leader in the industry and understands the pain points that restaurants are facing and the opportunities that lie ahead. 'We believe that the right technology can propel restaurants forward, allowing them to take day-to-day challenges in stride. Whether it's reducing check wait times, optimising labour and table turns, or ensuring consistent connectivity, Clover Hospitality provides an all-in-one solution empowering both diners and restaurateurs to have a seamless, elevated experience.' "Clover introduces new POS system for upscale restaurants" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Associated Press
18-05-2025
- Business
- Associated Press
Clover Expands Commitment to the Restaurant Industry with the Launch of Clover Hospitality by BentoBox
CHICAGO--(BUSINESS WIRE)--May 17, 2025-- Clover, the world's smartest point-of-sale solution, under parent company, Fiserv, today announced the launch of Clover Hospitality by BentoBox at the 2025 National Restaurant Association (NRA) Show in Chicago, with a bold commitment to the industry and new tagline, There's a Clover for Every Restaurant. The solution, complete with new-to-market features designed to enhance the guest experience, marks an exciting step forward as Clover – already serving more than 125,000 restaurants – expands its offerings to better serve the hospitality industry. This press release features multimedia. View the full release here: Clover, the world's smartest point-of-sale solution, launches Clover Hospitality by BentoBox, expanding its offerings to better serve the hospitality industry. Clover's journey in the restaurant industry has been driven by a deep understanding of the challenges restaurateurs face, from day-to-day operations to evolving guest expectations. Its technology has supported a wide range of restaurants, from independent eateries to large franchises, and has helped businesses stay ahead of the curve with easy-to-use tools that integrate front-of-house and back-of-house operations. Clover Hospitality takes this commitment further, offering a solution that is built with the highest standards in mind to meet the specific needs of upper market restaurants. Designed with Restaurants in Mind Clover Hospitality is a customized point-of-sale system specifically engineered to meet the needs of upper market restaurants, blending advanced technology with exceptional hospitality. By combining industry-leading hardware, software, and payment technology, it empowers restaurant teams to deliver better service that drives profitability. As restaurants adapt to shifting diner behaviors – according to the National Restaurant Association's 2025 State of the Restaurant Industry report, 64% of full-service diners surveyed place value in the experience over the price – this brand-new technology provides a leg up in a multitude of ways, including streamlining back-of-house operations for a smooth shift, checkless payments for guests, and front-of-house notifications for a more seamless process with seating and turning tables. 'Clover has always been a leader in the industry and understands the pain points that restaurants are facing and the opportunities that lie ahead,' said Krystle Mobayeni, Senior Vice President, Head of Restaurants at Fiserv. 'We believe that the right technology can propel restaurants forward, allowing them to take day-to-day challenges in stride. Whether its reducing check wait times, optimizing labor and table turns, or ensuring consistent connectivity, Clover Hospitality provides an all-in-one solution empowering both diners and restaurateurs to have a seamless, elevated experience.' The Clover Hospitality technology includes omnicommerce capabilities from BentoBox – which was acquired by Fiserv in 2021 – and enables restaurants to build their online presence, diversify revenue, engage with diners while increasing operational efficiency through websites, ordering, reservations, marketing tools and more. With this launch, Clover is now able to support a broader range of restaurants, from small neighborhood spots to the world's most distinguished dining experiences. Knowing that cash-strapped operators continue to face greater challenges including restaurant expenses increasing by 26% since 2021, business loan interest rates reaching nearly 8% in 2024, and hourly earnings growing by 4% in 2024, Clover Hospitality will meet numerous needs of restaurant owners and operators while also easing some of the stressors. Friction-Free Dining with Checkless Payments Newly announced, Clover is continuing to actualize its commitment to trailblazing innovation in the industry through a unique new collaboration with Union Square Hospitality Group (USHG). The two have teamed up to launch Checkless Payments, an alternative payment solution that empowers diners to pay for their meal without the disruption of asking and waiting for the bill, ensuring a memorable, friction-free dining experience. This solution – imagined by Frank Bisignano, former Fiserv Chairman, CEO and President, and Danny Meyer, Executive Chairman and Founder of USHG – is currently being piloted in Manhatta, USHG's award-winning fine dining restaurant. The feature is available exclusively at USHG establishments, before being rolled out to restaurants leveraging the Clover Hospitality system. 'USHG has always championed technology that enhances hospitality and advances touch,' said Danny Meyer, USHG Founder & Executive Chairman. 'With Checkless Payments, we finally have a solution to the least hospitable part of the dining experience: waiting for the check. Checkless Payments has the potential to create a new industry standard, allowing diners to seamlessly pay their bill digitally and leave when they're ready. Our team is proud to have partnered with Fiserv to make this vision a reality.' Leveraging Technology to Enhance Genuine Hospitality During this year's NRA show, Clover hosted an insightful panel with industry leaders including Krystle Mobayeni, SVP, Head of Restaurants at Fiserv; Kelly Macpherson, Chief Technology Officer of Union Square Hospitality Group (USHG); Sean Feeney, co-founder for Grovehouse Hospitality Group; and Chef Sarah Grueneberg, Head Chef and Owner of Monteverde Restaurant & Pastificio, titled, 'Wired for Hospitality: Crafting Meaningful Experiences in a Digital Age.' In addition to announcing the launch of Clover Hospitality during the session, panelists explored the dynamic interplay between cutting-edge technology and the exceptional hospitality that keeps diners coming back. Together, they discussed how technology is revolutionizing operations, while preserving the warmth and emotional connection that make dining memorable. Attendees were also able to learn more about striking the perfect balance between efficiency and personalization to ensure that restaurants remain places of meaningful human interaction in a tech-driven future. To learn more about Clover Hospitality, visit and follow @clovercommerce on Instagram, X, Facebook, and LinkedIn. About Fiserv Fiserv, Inc. (NYSE: FI), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover ®, the world's smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500 ® Index and one of Fortune ® World's Most Admired Companies ™. Visit and follow on social media for more information and the latest company news. FI-G View source version on CONTACT: Fiserv Media Relations: Alex Ebanks Vice President of Communications, Merchant Solutions 718-928-5727 [email protected] KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS INDUSTRY KEYWORD: TECHNOLOGY PAYMENTS OTHER TECHNOLOGY SOFTWARE RESTAURANT/BAR FOOD/BEVERAGE HARDWARE DATA MANAGEMENT RETAIL FOOD TECH SOURCE: Fiserv, Inc. Copyright Business Wire 2025. PUB: 05/17/2025 01:00 PM/DISC: 05/17/2025 12:59 PM
Yahoo
10-05-2025
- Business
- Yahoo
PAR Q1 Earnings Call: Multiproduct Adoption and Pipeline Momentum Offset Revenue Miss
Restaurant technology provider PAR Technology (NYSE:PAR) missed Wall Street's revenue expectations in Q1 CY2025, but sales rose 48.2% year on year to $103.9 million. Its non-GAAP loss of $0.01 per share was 76.7% above analysts' consensus estimates. Is now the time to buy PAR? Find out in our full research report (it's free). Revenue: $103.9 million vs analyst estimates of $105.4 million (48.2% year-on-year growth, 1.4% miss) Adjusted EPS: -$0.01 vs analyst estimates of -$0.04 (76.7% beat) Adjusted EBITDA: $4.54 million vs analyst estimates of $4.09 million (4.4% margin, relatively in line) Operating Margin: -15.2%, up from -38.2% in the same quarter last year Annual Recurring Revenue: $282.1 million at quarter end, up 51.9% year on year Market Capitalization: $2.53 billion PAR Technology's first quarter was marked by continued expansion of its multiproduct strategy, as management highlighted strong growth in subscription-based services and the successful integration of recent acquisitions. CEO Savneet Singh emphasized the company's focus on cross-selling and integrating its product suite, which drove a notable increase in annual recurring revenue despite the temporary pause in the Burger King rollout. Singh noted, 'Our Better Together thesis is working,' referencing the rising percentage of deals involving multiple products and the strong pipeline of new enterprise customers, especially in back office and engagement solutions. Looking ahead, PAR's guidance is shaped by expectations of a ramp in customer implementations and further margin expansion as new deals go live in the second half of the year. Singh cautioned that large deals can take time to roll out but reiterated management's target for 20% plus organic ARR growth for the year. He also addressed macroeconomic uncertainty, stating, 'We are fully prepared to deal with any potential slowdown,' and indicated that the company will continue to invest in both organic growth and targeted acquisitions. PAR Technology's management attributed Q1 performance to accelerating adoption of its integrated platform, multiproduct deal momentum, and improved operational leverage. The quarter's results were affected by the temporary pause in a major Burger King rollout but offset by new customer wins and product launches. Multiproduct Adoption Accelerates: Management reported that a growing percentage of new deals, especially in Operator Solutions, now include multiple PAR products. This approach increases customer lifetime value and makes the company's offerings more difficult to replace, supporting higher retention rates. Burger King Rollout Paused, Then Resumed: The pause in the Burger King point-of-sale implementation impacted Q1, but management highlighted that the rollout has restarted with positive feedback and expects the main revenue impact in Q3 and Q4. This temporary delay was offset by new customer signings and multiproduct deals. Back Office and Engagement Solutions Growth: PAR launched its new PAR OPS line, combining Data Central and Delaget, and was selected as the preferred back-of-house vendor for Popeyes. Engagement Cloud also saw record growth in loyalty program usage and new digital offer distribution, with over 95% gross retention reported. Ordering Platform Revamp: The company introduced Ordering 2.0, featuring enterprise menu management and AI-driven upsell capabilities. This contributed to the best sales quarter for online ordering in over two years and increased cross-sell rates within the product suite. Minimal Tariff Exposure: Management discussed ongoing global trade uncertainties and tariffs but noted that hardware now makes up only 21% of revenues and that sourcing has shifted away from China, reducing tariff risk. The company's supply chain is positioned to mitigate potential impacts from future trade policy changes. Management's outlook for the rest of the year centers on execution of multiproduct rollouts, further integration of recent acquisitions, and continued margin expansion from operating leverage. Strategic priorities emphasize growing recurring revenue and navigating macroeconomic uncertainty. Second-half implementation surge: The ramp-up of large enterprise rollouts, including Burger King and new Tier 1 clients, is expected to drive revenue acceleration and adjusted EBITDA improvement in the latter half of the year. Cross-sell and integration benefits: As more customers adopt multiple PAR products, management expects improved customer stickiness, higher average revenue per customer, and greater profitability from existing sales resources. Macro and currency headwinds: Management acknowledged persistent macroeconomic uncertainty and foreign exchange impacts, particularly from international acquisitions, but expressed confidence in the company's ability to adapt and sustain organic growth targets. Mayank Tandon (Needham): Asked about the timing and scale of revenue impact from new deals and the resumed Burger King rollout. Management confirmed most growth from these wins is expected in the second half, with 20%+ organic ARR growth targeted for the year. Stephen Sheldon (William Blair): Inquired about the effect of foreign currency fluctuations on reported ARR and the company's international revenue mix. Management clarified that FX was the main driver of sequential ARR adjustments, with under 20% of ARR now international. Will Nance (Goldman Sachs): Sought insights on the competitive environment, especially as smaller competitors move upmarket. Singh stated PAR remains competitive in enterprise RFPs, particularly due to its integrated suite, and sees continued high win rates for Tier 1 deals. Charles Nabhan (Stephens): Asked about the gross margin impact of the Payments business and its relative scale. Management indicated Payments remains below company-wide gross margins but is improving and currently accounts for less than 10% of total revenue. Andrew Harte (BTIG): Questioned the cross-sell opportunity and potential revenue per customer if full product adoption is achieved. Singh estimated full adoption could be a fourfold increase over current levels, though not all customers will reach this level. In the coming quarters, the StockStory team will be watching (1) the pace and execution of large enterprise rollouts, especially for Burger King and other Tier 1 customers, (2) the impact of new product launches such as Ordering 2.0 and PAR OPS on cross-sell rates and recurring revenue growth, and (3) margin expansion as operating leverage from multiproduct adoption materializes. Additionally, we will track how management navigates macroeconomic uncertainty and foreign exchange volatility. PAR Technology currently trades at a forward P/E ratio of 236.5×. In the wake of earnings, is it a buy or sell? Find out in our free research report. 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