Global Payments extends reach into restaurant technology with SICOM Systems acquisition
Global Payments, a leading provider of payment technology and software solutions worldwide, has announced that it’s acquiring SICOM Systems. SICOM makes enterprise, cloud-based software-as-a-service-solutions (as well as other tech) for “quick service and fast casual” restaurants, and “food service management providers” around the globe. This marks an expansion for Global Payments into a major market.
Global Payments’ share price has appreciated by 20% so far this year
SOURCE: Yahoo Finance
Global Payments will pay “approximately $415 million” for SICOM, and the deal is subject to customary closing conditions and regulatory approvals. The company says they expect the deal to close in the fourth quarter of this year, and that it will have an “immaterial” impact on 2018 financial results.
In a press release, Global Payments CEO Jeff Sloan made the following comments: “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.”
“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.”
Dominion holds Global Payments in its Global Trends Managed Fund
If you would you like to receive the Newsfeeds daily, please click here to sign up now!Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
- Click here to print this story: Print
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.