Philadelphia commerce tech company Stuzo has been acquired for $190 million

A little over a decade after Stuzo’s founder got the commerce tech company back from his first buyer, it’s been sold again — this time for $190 million.

The Philly-based software provider on Monday was acquired by PAR Technology Corporation. 

New York-based PAR first reached out last September, according to CEO and founder Gunter Pfau, to indicate interest in Stuzo, which offers a loyalty engagement platform used by convenience stores and gas stations.

At the time, Pfau told Technical.ly, Stuzo was already in talks with another company about being acquired. So he told PAR if they were serious, they had to act quickly. From there, the two companies hit it off. 

“There were significant similarities in terms of how we thought about business,” Pfau said. “How we thought about culture, how we thought about product.” 

PAR was looking for a “purpose built” technology to get into what’s known as the C-store space, Pfau said, since its existing technology is targeted towards hospitality and restaurants. 

The deal was paid in cash and stocks. Stuzo will become an operating component of PAR known as PAR Stuzo. All 215 employees will remain with the company, including Pfau. His new role will be focused on strategic initiatives, mergers and acquisitions and product. 

This acquisition is an opportunity for PAR Stuzo to become a “vertically integrated verticalized software company,” Pfau said, a tongue-twister description for positioning he believes will provide growth opportunities within the retail space. 

The company is headquartered in Center City, but is remote and has employees around the world, including Ukraine. 

Pfau founded Stuzo in 2007. He sold it in 2010 and got it back in 2013, per the Philadelphia Inquirer.  In 2020, it acquired retail customer activation platform Hatch, and the following year received a strategic investment from private equity firm Longshore Capital Partners.