Global Payments plans $415 million Sicom acquisition to sweeten restaurant menu
Global Payments hopes to strengthen its position among restaurant merchant acquirers by paying $415 million in cash for food services and software company Sicom Systems.
LLR Partners is the current owner of Sicom, which provides enterprise technology, hosted software, and other technology to quick-service and fast-casual restaurants, as well as food service management providers worldwide.
Sicom will complement existing technology at Global Payments to give the company an stronger foothold in the restaurant vertical.
"The transaction also allows us to expand our owned software solutions into food service management, a large addressable market globally with attractive fundamentals, while further accelerating our business mix toward technology enablement," said Global Payments' CEO Jeff Sloan said in a Friday press release.
Atlanta-based Global Payments will finance the acquisition with its existing credit facility and cash on hand. The transaction is expected to close in the fourth quarter of this year.