.
Eatec�s software, EatecNetX, is a recognized leading, open architecture-based, inventory and procurement management system. It provides customers with the data and information necessary to increase sales, reduce product costs, improve back-office productivity and increase profitability. Eatec customers include well-known restaurants, hotels, stadiums and entertainment venues in North America and around the world as well as many public service institutions. EatecNetX�s core functions include purchasing, inventory, recipe, forecasting, production and sales analysis. Additionally, the solution offers catering, restaurant, concessions, manufacturing, retail/merchandising and airline catering modules in one integrated solution. �This acquisition further enhances our position as a leading inventory and procurement solution provider to the hospitality and foodservice markets,� said Arthur Rhein, chairman, president and chief executive officer of Agilysys. �Similar to our previous acquisitions of Visual One Systems and InfoGenesis, the Eatec acquisition complements and expands our offerings, allowing us to better serve our customers.� In addition to being a stand-alone software application, EatecNetX will be interfaced with Agilysys� point-of-sale offerings to create a complete end-to-end solution for customers in the foodservice industry. Agilysys hospitality solution offerings are among the most comprehensive in the market, with solutions to cover the hospitality industry�s information technology needs. Agilysys hospitality solutions include property management, inventory procurement, point-of-sale, golf management, club management, condo accounting, spa, sales and catering, dining reservations, business analytics and document management. The purchase price of $23.2 million, net of cash, will be funded with cash on hand. Eatec has revenues of approximately $8 million and EBITDA margins in excess of 20%. Forward-Looking Language Portions of this release, particularly the statements made by management
and those that are not historical facts, are forward-looking statements
within the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are based
on current assumptions and expectations, and are subject to risks and uncertainties,
many of which are beyond the control of Agilysys. Many factors could cause
Agilysys actual results to differ materially from those anticipated by
the forward-looking statements. These factors include those referenced
in the Annual Report on Form 10-K or as may be described from time to time
in Agilysys subsequent Securities and Exchange Commission (SEC) filings.
Eatec Corporation is a leading provider of enterprise back-office software
and services for the foodservice and hospitality industries. EatecNetX,
Eatec's proven software solution, is recognized as a state-of-the-art foodservice
management system that is centralized, scalable, web-centric and user-friendly
for food and beverage operators of every variety. EatecNetX helps companies
reduce costs and improve operational efficiencies, resulting in a quick
return on investment. Eatec clients include restaurant chains, hotels,
resorts, casinos, stadiums and arenas, convention centers, universities,
schools K-12, theme parks, airline caterers and supermarket foodservice.
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