Global Payments To Buy Sicom Systems

(RTTNews) - Global Payments Inc. (GPN), a provider of payment technology and software solutions, Thursday agreed to buy Sicom Systems Inc. from LLR Partners, in cash deal of abut $415 million.

SICOM provides enterprise, cloud-based software as a service (SaaS) solutions and other technologies to quick service and fast casual restaurants, as well as food service management providers, worldwide.

"The acquisition of SICOM aligns perfectly with our software-driven payments strategy and establishes Global Payments as a leader in one of the largest addressable markets we serve today," said Jeff Sloan, Global Payments' Chief Executive Officer.

"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. 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."

Global Payments will finance the acquisition with its existing credit facility and cash on hand. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter.

Global Payments expects the acquisition to have an immaterial impact on 2018 financial results.