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).
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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.
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