NCR expands platform with POS acquisition
DULUTH, Ga. — NCR Corp. announced that it will acquire Radiant Systems, a leading provider of multichannel point-of-sale and managed host service solutions to the hospitality and specialty retail markets, through a cash tender offer of $28 per Radiant Systems share.
The equity purchase price of $1.2 billion has been approved by the boards of directors of each company. NCR and Radiant Systems currently anticipate the transaction will close during third quarter 2011, subject to regulatory approval.
NCR said that with the addition of Radiant Systems, NCR will create a third core industry vertical, after its financial and retail lines of business, and establish category leadership in the hospitality and specialty retail markets. Andrew Heyman, currently COO of Radiant Systems, will oversee the new vertical.
"Radiant Systems is a logical and strategic extension for NCR, moving us into attractive fast-growth adjacent markets," said NCR chairman and CEO Bill Nuti. "Radiant Systems has delivered 15% compounded annual revenue growth over the last five years, along with impressive margin expansion as a result of the high customer demand for its expansive software offerings. This acquisition will enable our companies to accelerate expansion through the powerful combination of each other’s strengths and NCR’s track record of driving transformational change. We will bring together two strong teams with Radiant Systems playing a vital role in enhancing our long-term growth, margin expansion and earnings appreciation."
Women’s leadership group unveils diversity hall of fame inductees
ORLANDO — The Network of Executive Women will induct the first group of honorees into the newly created CPG Retail Diversity Hall of Fame on Monday, Sept. 19, as part of the organization’s annual Leadership Summit.
The inaugural slate of inductees consists of 11 executives and organizations who are responsible for driving diversity in the industry. The inductees include former Walmart CIO Linda Dillman, information technology expert Jeri Dunn, PepsiCo executive Tom Greco, the late Bill Grize of Ahold USA, Don Knauss of Clorox and Jeff Noddle of Supervalu. Other inductees include supply-side standout Kay Palmer, supermarket veteran Judy Spires and Jamba Juice CEO James White.
Such companies as Delhaize America and Procter & Gamble also will be recognized in the CPG Retail Diversity Hall of Fame for their efforts to advance diversity and inclusion.
The event is held in conjunction with the NEW Leadership Summit 2011 that is expected to draw roughly 900 attendees.
Darryl Strawberry helps Duane Reade celebrate 50 years
NEW YORK — Famed Mets baseball player Darryl Strawberry is expected to join the "One Shot At A Million" festivities today, which is part of Duane Reade’s 50th anniversary celebration.
The event will take place at Duane Reade at 40 Wall St. and Chase Manhattan Plaza from 11 a.m. to 1 p.m.
At the retailer’s 50th anniversary celebration, which will include a special appearance by Strawberry, the winner of Duane Reade’s 50th anniversary contest will have a chance to choose 1-of-50 bags, one of which contains a check for $1 million and the other 49 a check for $5,000.
As part of the festivities, New York deejay/rapper and producer, DJ Clue, will MC the event, which also will include a giveaway of 50 pairs of New York Mets tickets, product sampling and distribution of special offers to the public.