Global Payments set to acquire Sicom for $415M
Global Payments Inc., a provider of payment technology and software solutions, is acquiring Sicom Systems from LLR Partners for $415 million. Sicom provides an enterprise, cloud-based software as a service solution and other technologies to quick service and fast casual restaurants, as well as foodservice management providers, worldwide, according to a company press release.
"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," Global Payments CEO Jeff Sloan said in the press release. “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 foodservice management, a large addressable market globally with attractive fundamentals, while further accelerating our business mix toward technology enablement."
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2018. Global Payments, which will finance the acquisition with its existing credit facility and cash on hand, expects the transaction to have an immaterial impact on 2018 financial results, according to the release.