Restaurant Magic sale closes
December 23, 2019 - Par Technology Corp. has completed the acquisition of Restaurant Magic, a Tampa provider of back-office restaurant management software. Par (NYSE: PAR) is a New Hartford, New York-based company that provides software, systems and services to the restaurant industry. The $42 million purchase price included $13 million in cash, $27 million in restricted Par stock and $2 million subordinated promissory note. There's also an opportunity to earn additional purchase price consideration subject to the achievement of post-closing revenue-focused milestones, a news release said. The combination of the two companies will create an industry-leading front to backend cloud technology solution for restaurants, the company said when it announced the deal last month.