Ronald Boire, CEO of Sears Canada, will take the top post at the bookseller in September, and current CEO Michael Huseby will become executive ...
Micros Systems buys Fry’s stock and takes on $18.4 million in debt, with an added $17 million payout for performance.
Web design, development and managed services company Fry Inc. has been purchased by enterprise applications vendor Micros Systems Inc. in a deal valued at $49.7 million. The deal includes $31.3 million in Fry stock. Micros will also take on $18.4 million in Fry debt. The agreement also gives Fry shareholders the opportunity to earn up to $17 million more in payouts over the next two years if the company’s financial performance hits specified targets.
The acquisition will support Fry’s expansion into international markets and verticals beyond retail. David Fry, chief executive officer and majority shareholder in the company, will stay on as president. “Our current footprint will be greatly enhanced by the existing Micros national and international presence, allowing us to accelerate growth into other vertical markets,” Fry says.
The increased access to capital will be used to expand and develop Fry’s retail-focused technologies such as its Open Commerce Platform, according to Fry.
With the acquisition, effective Aug. 9, Fry Inc. becomes part of the Micros-Retail group-which trades on the NASDAQ. Micros Retail group currently provides services including point of sale and loss prevention applications for more than 90,000 retail stores worldwide. Micros Systems also has customers in the hospitality industry, where its enterprise applications are installed in restaurants, hotels, motels, casinos and leisure and entertainment venues.
“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,” says Tom Giannopoulos, chief executive officer of Micro Systems. “While Fry has historically targeted the retail segment, its broad array of e-commerce services is applicable to all of the industries we serve.”