News

ParTech to acquire Restaurant Magic for $42M

November 8, 2019

ParTech, Inc., a wholly owned subsidiary of PAR Technology Corp. and a global provider of point of sale solutions to the restaurant and retail industries, has announced a purchase agreement to acquire AccSys, LLC, known as Restaurant Magic, a restaurant software company and developers of Data Central, a suite of cloud back office applications to help restaurants achieve operational and financial goals.

The purchase price of $42 million will be financed primarily through cash and equity, according to a press release. The acquisition is expected to close in the fourth quarter of 2019.

"Restaurant Magic's software leverages business intelligence and automation technologies to decrease food costs, manage labor and improve overall customer service," Savneet Singh, PAR Technology CEO and president, said in the release. "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. 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."

"The combination of PAR and Restaurant Magic will immediately create an industry leading front to backend cloud technology solution for restaurants," said Drew Peloubet, CEO of Restaurant Magic, in the release.