VAUGHN, Ontario — PixelPoint Technologies Inc., a developer of restaurant software solutions, announced it has entered into an agreement to be acquired by PAR Technology Corp.
According to a news release, the deal is expected to close in the third quarter of 2005.
PAR is a provider of professional services, enterprise business intelligence software and hardware to the hospitality industry. It has installed IT management solutions in more than 40,000 locations worldwide and in more than 100 countries. Some of its customers include McDonald's and Yum! Brands.
Under the terms of the agreement, PixelPoint Technologies will continue to be managed by its senior management team and will be backed up by PAR's products, worldwide infrastructure and resources.
"This acquisition is a great match for PAR Technology," said John W. Sammon, PAR chairman and chief executive. "PixelPoint has a great reputation as an innovator to go along with a strong and loyal client base. This acquisition gives us access to hospitality markets and geographical areas PAR has not yet penetrated."
Lino D'Angicco, co-founder and chief executive of PixelPoint, added, "We are pleased to become part of a very successful organization, and even more so to be able to offer our PixelPoint customers the benefits of PAR's integrated solutions and services, their industry experience and financial strength."