Restaurant Magic, a Tampa-based restaurant software company, has been acquired for $42 million by New York-based PAR Technology Corp.
The deal is expected to close by the end of Q4 2019. Restaurant Magic will remain in Tampa with no anticipated change to the name, operations or staff.
"Our customers were big enough, demanding things like level one support, which is difficult for a company unless you have some scale," Kevin Rood, director of product management for Restaurant Magic, told the Tampa Bay Business Journal. "There are solutions and services we can now offer with PAR that make it both an easier and better experience for a restaurant and mutually beneficial for the two products to co-exist."
Restaurant Magic has long worked with PAR Technology Corp.'s (NYSE: PAR) "Brink" point of sales software, which was a key for the software company.
"I’m extremely excited to announce the merging of two powerful entities to create the premier restaurant technology company delivering the required and critical services that are fundamentally changing how restaurants operate around the world," Savneet Singh, PAR Technology CEO and president, said in a statement. "Combining restaurant management with our leading Brink software will alter how enterprise restaurants communicate, access data, conduct commerce and manage their businesses across rapidly converging tech platforms.”
PAR Technology is not to be confused with PAR Inc., the Lutz-based assessment solutions company that invested in medtech company Immertec in September and edtech company Knack in Nov. 2018.
Restaurant Magic was founded almost 30 years ago and helps restaurants with their operational data, which helps with predictive ordering, schedules and vendors.
Restaurant Magic was founded almost 30 years ago and helps restaurants with their operational data, which helps with predictive ordering, schedules and vendors. Rood, who grew up in Tampa, believes the region is in a shift for tech companies — ConnectWise was acquired in a billion-dollar deal, and that same week, KnowBe4 received a massive investment making the company valued at over $1 billion.
"In the past couple years it's been an unbelievable snowfall effect," Rood, whose brother is in tech in Silicon Valley, said. He said he made the right choice 'doubling down' in Tampa. "Enough is happening that everyone is noticing, which is an unbelievable feeling."
