Posera Ltd (TSX: PAY), a portfolio company of Sigma Capital Partners, has sold its FingerPrints point-of-sale system to Sicom Systems Inc, a Doylestown, Pennsylvania provider of end-to-end solutions for quick service and fast casual restaurants. Posera sold the system, used by more than 1,100 restaurants in Canada, for $12.2 million. Posera, a London, Ontario-based provider of hospitality technology, said the divestiture will allow it to focus on its core products. Sigma, a U.S. technology private equity firm, invested in the company in 2014.
Posera Completes the Sale of the FingerPrints™ POS System to SICOM
TORONTO, Sept. 14, 2017 /CNW/ – Posera Ltd. (TSX: PAY) (“Posera” or the “Company”), today announced that it has completed the sale of its FingerPrints point-of-sale (POS) system to SICOM Systems, Inc. for $12.2 million. The consideration for the FingerPrints asset sale is comprised of cash and will be subject to post-closing adjustments.
SICOM is a leading best-of-breed provider of end-to-end solutions for quick service and fast casual restaurants, and the acquisition further strengthens SICOM’s domain expertise and commitment to adding greater value to the QSR industry, and more specifically to deepening its value in QSR across Canada. The divestiture by Posera enables it to strengthen its strategic focus on its core products: Maitre’D® POS, KDS (Kitchen Display System), and SecureTablePay® pay-at-the-table solution.
“The addition of FingerPrints strengthens our commitment to delivering a complete portfolio for QSR brands, franchises and restaurants. It is a robust product that drives greater efficiency and speed of service for quick service restaurants and will complement our existing solutions,” said Jim Flynn, CEO of SICOM. “With its Canadian presence, this acquisition provides us with physical locations in Canada, helping us to better serve our current customers there and expanding our international presence.”
FingerPrints was launched in 2004 and currently operates in many leading QSR locations across Canada. Complemented by the Hypervision and Hyperscheduler offerings, FingerPrints enjoys an intuitive user interface and fully redundant system with integrated payment, EMV, loyalty and gift card capabilities as well as centralized menu and pricing programming, together with enabled mobile ordering.
“SICOM is the perfect fit for FingerPrints; with its thirty-year history of offering innovative products and services, its expansive customer list of the top QSR brand names and its commitment to growth, SICOM is the ideal accelerator to the FingerPrints brand’s continued success,” explained Dan Poirier, CEO of Posera. “This transaction is an exciting strategic evolution for Posera, allowing us to focus on Maitre’D, one of the premier POS brands, complete the roll out of SecureTablePay and capture the kitchen display market,” added Poirier.
Over 1,100 QSR restaurants throughout Canada that operate with the FingerPrints system will now be managed by SICOM.
Posera has been a leading provider of hospitality technology for more than 30 years. It manages merchant transactions with consumers and facilitates all aspects of the payment transaction.
Posera’s full service solutions include: SecureTablePay®, an EMV compliant pay-at-the-table application; Maitre’D®, a point of sale system which offers a robust and comprehensive solution including hardware integration services, merchant staff training, system installation services, post-sale software and hardware customer support; and KDS, a Kitchen Display System that is now available as a standalone product. Posera’s solutions are deployed globally across the full spectrum of restaurants, from large chains and independent table service restaurants to international quick service chains and its products have been translated into eight languages.
More information about Posera can be found on the Company’s website at www.posera.com or under the Company’s profile on SEDAR at www.sedar.com.
For further information: Kevin Mills, Chief Financial Office, 1.519.434.8017, email@example.com, www.posera.com
Photo courtesy of Reuters/Jessica Rinaldi