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ORBCOMM announces acquisition of PAR Technology subsidiary for about USD6m
[December 29, 2011]

ORBCOMM announces acquisition of PAR Technology subsidiary for about USD6m


Dec 29, 2011 (M2 EQUITYBITES via COMTEX) -- ORBCOMM Inc (Nasdaq:ORBC), satellite data communications company, on Wednesday declared that it signed a definitive agreement with PAR Technology Corporation (NYSE:PAR) to acquire the assets of PAR's subsidiary, PAR Logistics Management Systems (PAR LMS).



PAR Technology is a provider of hospitality technology and services and PAR LMS is a provider of advanced solutions for monitoring transport assets and cargo in the transportation and distribution industries.

Pursuant to the transaction, which will close in mid-January 2012 and is subject to customary closing conditions, PAR LMS will be acquired for about USD6m at closing, consisting of cash and common stock and the potential of up to USD4m in further consideration after achieving specific sales targets, the company said.


Additionally, the transaction will add to ORBCOMM's revenue growth and be accretive to adjusted EBITDA by the end of 2012. The combined platform will support its growth by expanding its satellite, terrestrial and dual-mode offerings and increasing sales in these business segments.

The company also said that this acquisition follows its purchase of StarTrak, in the transportation solutions sector, in May 2011.

ORBCOMM's acting financial advisors in this transaction were Raymond James, Needham & Company LLC acted as financial advisor to PAR Technology.

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