ParTech, Inc., a wholly owned subsidiary of PAR Technology Corporation and a leading global provider of point of sale solutions to the restaurant and retail industries announced it has entered into an interest purchase agreement to acquire AccSys, LLC and otherwise known as Restaurant Magic, a restaurant software company located in Tampa, Florida, and the developers of Data Central.
Data Central is a suite of cloud backoffice 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 says, "I am very pleased to announce that PAR has signed a definitive agreement to acquire Restaurant Magic, a leader in backoffice 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," adds 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 backoffice 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."