NEW HARTFORD, N.Y. — ParTech Inc. on Thursday announced it has agreed to acquire AccSys, LLC, also known as Restaurant Magic, a Tampa, Florida–based restaurant software company.
ParTech is a wholly owned subsidiary of New Hartford–based PAR Technology (NYSE: PAR).
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. The purchase price of $42 million for Restaurant Magic will be financed primarily through cash and equity. PAR expects the acquisition to close before the end of this year.
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PAR Technology announced the upcoming acquisition as the firm reported a net loss of $5.9 million, or 36 cents per share, in the third quarter. The figures compare to a net loss of $16.7 million, or $1.04 per share, during the same period in 2018.
Restaurant Magic is a “leader” in back office subscription software for enterprise restaurants, Savneet Singh, president & CEO of PAR Technology, contended in the release.
“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 [point of sale (POS)] software, to be the leading cloud technology provider for enterprise restaurants…. 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,” Singh said.
Contact Reinhardt at ereinhardt@cnybj.com
