- WHITE PAPERS
CHICAGO -- NTN Communications announced at the National Restaurant Association Restaurant, Hotel-Motel Show it has signed a letter of intent to acquire Breakaway International, Inc., a privately held provider of POS solutions for the restaurant industry, according to a news release.
Breakaway, a 13-year-old company headquartered in Arlington, Texas, serves more than 3,300 locations in 43 countries, including more than 700 Domino's Pizza corporate and franchised locations.
No financial terms of the deal were disclosed.
NTN officials said the acquisition would complement the company's existing product lines of interactive entertainment, guest/server paging products and stored-value gift and loyalty programs.
"This acquisition represents a significant step for NTN, as we continue our transformation from a provider of interactive trivia and sports entertainment, to one offering a complete suite of integrated services to the restaurant industry," Mark deGorter, president and CEO of the NTN Network division, said in the release.
"In addition to superb management, focused development and sales teams, and strong strategic relationships, Breakaway's products are well established in the industry, allowing us to truly connect the dots while giving us significant speed to market advantages and avoiding the setbacks associated with start-up and development concepts," he said.
DeGorter said Breakaway's Texas headquarters gives Carlsbad, Calif.-based NTN a strong presence on the East Coast and central United States.
"We are delighted to have Breakaway International join NTN, as they can provide tremendous synergy and increase our relationship to nearly 10,000 location customers," deGorter said.
"We are very excited to join the NTN family and look forward to playing a major role in helping NTN fulfill its vision for the restaurant industry," said Gary Peek, president of Breakaway. "NTN's products and services are complementary to our own with almost no overlap. In addition, their reputation for great products and their strong marketing capabilities provide excellent opportunities for continued growth. Combining our experience and technologies enables us to create exciting new products and solutions for the hospitality industry."
The acquisition is subject to completing due diligence and negotiating definitive documents as well as receiving corporate and regulatory approvals, according to the release.