US-based software solutions firm Global Payments has entered into an agreement with LLR Partners to acquire restaurant enterprise technology solutions provider Sicom Systems for approximately $415m in cash.

Sicom Systems serves quick service and fast casual restaurants, and foodservice management providers globally by offering enterprise, cloud-based software solutions as well as other technologies.

The transaction will be financed by Global Payments’ existing credit facility and cash on hand.

Global Payments chief executive officer Jeff Sloan said: “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.

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“The transaction also allows us to expand our owned software solutions into foodservice management.”

“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 acquisition is subject to customary closing conditions and regulatory approvals and is expected to conclude in the fourth quarter of this year.

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Headquartered in Atlanta, Georgia, Global Payments offers payment technology and software solutions to customers globally.

The company has approximately 11,000 employees serving customers and partners in 31 countries across North America, Europe, the Asia-Pacific and Brazil.