PAR Technology Buys Restaurant Magic

PAR Technology Corp. has completed its buy out of AccSys,LLC,  known for the  Restaurant Magic back-office restaurant management software.

The acquisition price for Restaurant Magic, consisted of $13 million of cash, subject to purchase price adjustments, $27.0 million of PAR Technology restricted stock, a $2.0 million subordinated promissory note, and the opportunity to earn additional purchase price consideration subject to the achievement of post-closing revenue focused milestones.

PAR Technology also assumed awards granted under Restaurant Magic’s long term incentive plan to employees and contractors for an aggregate of $2.0 million of restricted stock units covering shares of PAR’s common stock that vest over 3 years of continued service.

PAR is a global provider of software, systems, and service solutions to the restaurant and retail industries.