ATLANTA--(BUSINESS WIRE)--Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions, announced today an agreement to acquire SICOM Systems, Inc. from LLR Partners. 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.”
Under the terms of the acquisition agreement, Global Payments will acquire SICOM in a cash transaction valued at approximately $415 million. 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 of 2018. Global Payments expects the transaction to have an immaterial impact on 2018 financial results.
About Global Payments
Global Payments Inc. (NYSE: GPN) is a leading worldwide provider of payment technology and software solutions delivering innovative services to our customers globally. Our technologies, services and employee expertise enable us to provide a broad range of solutions that allow our customers to accept all payment types and operate their businesses more efficiently across a variety of distribution channels in many markets around the world.
Headquartered in Atlanta, Georgia with approximately 11,000 employees worldwide, Global Payments is a member of the S&P 500 with customers and partners in 31 countries throughout North America, Europe, the Asia-Pacific region and Brazil. For more information about Global Payments, our Service. Driven. Commerce brand and our technologies, please visit www.globalpaymentsinc.com.
About SICOM Systems, Inc.
SICOM Systems, Inc. is a leading best-of-breed provider of end-to-end technologies and services for quick service and fast casual restaurants, as well as food service management companies. The company offers front-of-house, middle-of-house and back-of-house solutions that are helping leading restaurant brands around the globe streamline their operations. Founded in 1987, SICOM is headquartered in Lansdale, Pa. and can be found online at www.SICOM.com.
About LLR Partners
LLR Partners is a lower middle market private equity firm committed to creating long-term value by growing our portfolio companies. LLR invests in select industries, with a focus on technology and services businesses. Founded in 1999 and with more than $3.5 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and advice for scaling growth companies, please visit www.llrpartners.com.
