Acquisition Significantly Strengthens PAR’s “Cloud” Restaurant Offerings
New Hartford, NY- November 7, 2019 – ParTech, Inc. (PAR), a wholly-owned subsidiary of PAR Technology Corporation (NYSE: PAR) and a leading global provider of point of sale (POS) solutions to the restaurant and retail industries today announced it has entered into an interest purchase agreement to acquire AccSys, LLC (f/k/a AccSys, Inc. and otherwise known as Restaurant Magic (“Restaurant Magic”)), a restaurant software company located in Tampa, FL and the developers of Data Central. Data Central is a suite of cloud back office applications to help restaurants achieve operational and financial goals. The purchase price of $42 million for Restaurant Magic will be financed primarily through cash and equity. The acquisition is expected to close during the fourth quarter of 2019.
Savneet Singh, PAR Technology CEO & President commented, “I am very pleased to announce that PAR has signed a definitive agreement to acquire Restaurant Magic, a leader in back office subscription software for enterprise restaurants. Restaurant Magic’s software leverages business intelligence and automation technologies to decrease food costs, manage labor and improve overall customer service. This announcement today marks another significant milestone in the rapid evolution of PAR Technology. Our Company continues to transform itself as we build out our restaurant technology solutions, led by our Brink POS software, to be the leading cloud technology provider for enterprise restaurants. I’m extremely excited to announce the merging of two powerful entities to create the premier restaurant technology company delivering the required and critical services that are fundamentally changing how restaurants operate around the world. Combining restaurant management with our leading Brink POS software will alter how enterprise restaurants communicate, access data, conduct commerce and manage their businesses across rapidly converging tech platforms.”
“We are thrilled to be joining forces with PAR Technology. Our decision to become a part of PAR was based upon our belief that by combining our companies we will provide new and stronger opportunities to our clients and employees,” said Drew Peloubet, CEO of Restaurant Magic. “The goal of our Company has always been to maintain continual growth for our Company to better meet the needs of our customers, while fiercely protecting the investment our end-users have made in deploying our back office software applications. Restaurant Magic’s suite of enterprise applications and services are an excellent fit with PAR Technology’s popular restaurant technology offerings, and together will provide customers throughout the restaurant industry with the most robust set of solutions in the marketplace. The combination of PAR and Restaurant Magic will immediately create an industry-leading front to backend cloud technology solution for restaurants.”
About Restaurant Magic
Restaurant Magic has been providing advanced software solutions to the restaurant and hospitality industry for over 30 years. The robust Data Central Management Suite, the flagship product, is a powerful and flexible application that takes advantage of the latest technology trends to offer premier processing and analytics. With advanced forecasting, predictive scheduling and mobile technologies, Restaurant Magic has a solution for every problem. To learn more about Restaurant Magic and its products, contact the company at 1(800) 933-4711 or visit the website at RestaurantMagic.com.
About PAR Technology Corporation
PAR is a leading global provider of software, systems, and service solutions to the restaurant and retail industries. Today, with 40 years of experience and point of sale systems in nearly 100,000 restaurants and more than 110 countries, PAR is redefining the point of sale through cloud software and bringing technological innovation to all corners of the enterprise. PAR’s Government Business is a leader in providing intelligence, surveillance, and reconnaissance (“ISR”) solutions and mission systems support to the Department of Defense and other Federal agencies. PAR Technology Corporation’s stock is traded on the New York Stock Exchange under the symbol PAR. For more information, visit www.partech.com or connect with PAR on Facebook at www.facebook.com/parpointofsale or Twitter at www.twitter.com/Par_tech.