PAR expects acquisition of Florida software firm to close in Q4

NEW HARTFORD — ParTech Inc. expects its deal to acquire a Tampa, Florida–based restaurant software company will close “during the fourth quarter of 2019.”

The company on Nov. 7 announced it had agreed to acquire AccSys, LLC, also known as Restaurant Magic, for $42 million.

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 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 a 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.

“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,” Drew Peloubet, CEO of Restaurant Magic, added. “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.”