Global Payments has acquired SICOM Systems, a provider of POS and management solutions for restaurants, in a $415m deal.
The transaction will be completed through an existing credit facility and cash on hand – closing of the transaction is expected in Q4 2018.
SICOM is a technology developer for the restaurant industry, offering services such as omni-channel point-of-sale, kitchen management, digital terminals and data analytics, among others. Through SICOM, restaurants can access different payment processors including desktop terminals, tablets and self-service kiosks.
Through the acquisition, Global Payments will look to expand its operations into the food industry, as well furthering technology enablement.
Global Payments CEO Jeff Sloan said, “SICOM’s technologies are highly complementary to our existing Xenial solutions, with the combination providing Global Payments’ market-leading technology solutions across the entirety of the restaurant vertical market.”
Global Payments is a payments services provider helping companies accept payments via online, in-person, mobile, merchant tools and enterprise methods.
The Atlanta-based company helps businesses of varying size process payments, offering methods from contactless cards to near-field communication enabled wristbands. The platform, which is partnered with merchants in 31 countries across North America, Europe, Asia Pacific and Brazil, processes payments in a combined value of $28bn per annum, through 12,500 retailers.
This is the second acquisition from Global Payments in as many months, having recently bought AdvancedMD from Marlin Equity Partners for $700m. AdvancedMD is an end-to-end platform that automates aspects of clinical and business workflows for independent physician practices and medical billing services.
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