NEW HARTFORD, N.Y. — ParTech Inc. on Thursday announced it has completed its acquisition of AccSys, LLC, also known as Restaurant Magic, a Tampa, Florida–based restaurant software company.
The transaction closed on Wednesday, the firm said.
ParTech is a wholly owned subsidiary of New Hartford–based PAR Technology (NYSE: PAR).
(Sponsored)
Criminal Liability for Employment Law Violations?
New York employers are often surprised to learn that wage law violations can lead to criminal penalties in addition to financial penalties. Whether payroll is outsourced, or a staffing agency
Why ESG and Sustainability Reporting Matters for Your Business
As the landscape of financial reporting has evolved, the concept of environmental, social and governance (ESG) and sustainability has grown exponentially. In 2011, only 5% of S&P 500 companies reported
Restaurant Magic is the developer of Data Central., PAR said in a news release. Data Central is a suite of cloud back-office applications to help restaurants achieve operational and financial goals.
ParTech said it financed the $42 million purchase price for Restaurant Magic primarily through cash and equity. The acquisition price included $13 million of cash, “subject to purchase price adjustments;” $27 million of PAR Technology restricted stock; and a $2 million subordinated promissory note.
PAR Technology is a provider of software, systems, and service products to the restaurant and retail industries. Par’s government business provides computer-based system design, engineering, and technical services for the U.S. Department of Defense and various federal agencies.
Contact Reinhardt at ereinhardt@cnybj.com
