Founded in 1987, Pennsylvania-based 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 — around the world. Its front-of-house, middle-of-house and back-of-house solutions enable food establishments to streamline their operations.
“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’ CEO, in a 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 food service management, a large addressable market globally with attractive fundamentals, while further accelerating our business mix toward technology enablement.”
For its part, Atlanta-based Global Payments is a worldwide provider of payments technology and software solutions, providing a broad range of offerings so customers can accept all payment types and operate their businesses across a variety of distribution channels in many markets around the world.
The company has approximately 11,000 employees globally and 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. Last month, it revealed that its President and Chief Operating Officer David Mangum was stepping down.
Global Payments revealed that it 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. The company expects the transaction to have an immaterial impact on 2018 financial results.