PAR Technology to Buy Restaurant Magic
ParTech, Inc. (PAR), a wholly-owned subsidiary of PAR Technology Corporation and a global provider of point of sale (POS) solutions to the restaurant and retail industries has entered into an interest purchase agreement to acquire Restaurant Magic, a restaurant software company and the developers of Data Central. 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. The acquisition is expected to close during 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 & President, expressed in a company statement that the announcement marks a significant milestone in the rapid evolution of PAR Technology as it looks to be a leader in cloud technology for restaruants.
Singh believes that by restaurants combining Restaurant Management with Restaurant Magic’s Brink POS software will alter how enterprise restaurants communicate, access data, conduct commerce and manage their businesses across rapidly converging tech platforms.