MICROS Systems Acquires Fry
AUGUST 12, 2008. MICROS Systems, Inc. (NASDAQ:MCRS) , a leading provider of information technology solutions for the hospitality and retail industries, is pleased to announce the acquisition of Fry, Inc., an e-commerce design, development, and managed services provider. Fry is headquartered in Ann Arbor, Michigan, with offices in Chicago, New York, and San Francisco.
"Adding Fry to the MICROS portfolio enhances our ability to provide customers with advanced e-commerce solutions and technology necessary to operate retail websites," stated Tom Giannopoulos, Chairman and Chief Executive Officer, MICROS Systems, Inc. "With Fry as part of our portfolio, we now have a suite of services in place through our MICROS-Retail group to deliver the best cross-channel solutions allowing our customers to reach consumers at any point where a transaction may take place. While Fry has historically targeted the retail segment, its broad array of e-commerce services are applicable to all of the industries we serve."
"This is an exciting development for Fry and our clients," stated David Fry, Founder and Chief Executive Officer of Fry, Inc., who will remain with the company as President. "Fry's core strategy has always been to provide services and technology to help clients optimize their online channel as part of a rich multi-channel operation. MICROS and Fry together will provide a complete set of strategic offerings to make that vision a reality. Our current footprint will be greatly enhanced by the existing MICROS national and international presence, allowing us to accelerate growth internationally and into other vertical markets."
The total purchase consideration for the stock in Fry is approximately $31.3 million, plus the assumption of approximately $18.4M in debt, further, the selling Fry shareholders are eligible to earn up to an additional $17 million in earn out payments over the next 23 months, based upon meeting specified financial targets. The acquisition was effective August 9, 2008, at which time Fry became part of the MICROS-Retail group.
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