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MICROS acquires services provider Fry Inc.
August 12, 2008
COLUMBIA, Md. —MICROS Systems Inc.has announced their acquisition of Fry Inc., an e-commerce design, development, and managed services provider.Fry is headquartered in Ann Arbor, Mich., and has offices in Chicago, New York and San Francisco.
The acquisition was effective Aug. 9, 2008, at which time Fry became part of the MICROS-Retail group.
The total purchase consideration for the stock in Fry is approximately $31.3 million, plus the assumption of approximately $18.4 million 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.
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