Agilysys Acquires Eatec
Boca Raton, Fla.-based Agilysys announced it has acquired Eatec Corporation, a privately held developer and marketer of inventory and procurement software with U.S. headquarters in Emeryville, Calif. The acquisition will cost Agilysys $23.2 million.
Eatec’s software, EatecNetX, is an open architecture-based, inventory and procurement management system, and is expected to mesh well with Agilysys’ hospitality solution offerings which 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 EatecNetX system 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 said in a release that it would fund the $23.2 million purchase price through available cash on hand. Eatec has annual revenues of around $8 million, and EBITDA margins of more than 20 percent, Agilysys further noted in its release.