Radiant Systems Completes Synchronics Acquisition
Also resumes stock buyback program
ATLANTA -- Radiant Systems Inc. said that it has completed the previously announced acquisition of substantially all of the assets of Synchronics Inc., a provider of business management and point-of-sale (POS) software for the retail market.
Under the terms of the acquisition agreement, the purchase price consisted of approximately $19.5 million in cash, subject to a post-closing adjustment, 592,347 shares of restricted Radiant common stock and the assumption of certain Synchronics' accounts payable, contractual obligations and other liabilities.
Synchronics is a software development, support and distribution company in Memphis, Tenn. Its CounterPoint Version 7 and CounterPoint SQL offer retailers a complete business management package.
Separately, Atlanta-based Radiant Systems said it has resumed its stock buyback program that expired in 2003, which will allow it to buy back up to 1 million shares through November 2007. The company said buying back its own stock will bolster shareholder value over the long term.
Our working capital base and profitability permit us to execute this program as well as fund operations and growth initiatives, said CEO John Heyman.
Radiant Systems provides store technology for the hospitality, petroleum and convenience retail and entertainment industries, offering POS, self-service kiosk and backoffice technology.