PAR Technology Corporation Announces Acquisition of SIVA.PAR Is Now First Software Supplier to Offer a Complete Web-Based, Enterprise-Architected Solution to the Restaurant Industry NEW HARTFORD New Hartford is the name of several towns in the United States:
See: New York Stock Exchange :PTC (PTC, Needham, MA, www.ptc.com) Long a world leader in mechanical computer-aided design, manufacturing and engineering software, PTC, through acquisitions and reorganization, has transformed itself into a leading provider of Internet-based B2B solutions for discrete manufacturers. ), a leading provider of integrated technology solutions to the hospitality industry, today announced that it has acquired substantially all of the assets of SIVA[R] Corporation. SIVA Corporation provides software solutions built on a service-oriented architecture See SOA. that improves the management of money, materials, people and overall guest experience for multi-unit restaurant chains The following is a list of restaurant chains. See also: Fast-food restaurant, Casual dining, List of reference tables. International
Based in Delray Beach Delray Beach, resort city (1990 pop. 47,181), Palm Beach co., SE Fla., on the Atlantic coast; settled 1895, inc. 1911. Mostly residential, Delray Beach is also the trade center for a citrus-fruit and vegetable-growing region. , FL, SIVA is the creator of point-of-sale, kitchen, back office and operations intelligence software that use web based Coming from a Web server. See Web application. next generation technologies to improve operational efficiency and reduce the cost of technology ownership for multi-unit restaurant operations. Among its impressive customer list is the largest casual dining chain in the world Darden Restaurants Darden Restaurants, Inc. is a multi-brand restaurant operator. The firm owns several casual dining chain store, most notably Red Lobster and Olive Garden. Today, Darden owns and operates more than 1,300 restaurant locations throughout North America and has more than 150,000 , owners of the Red Lobster and Olive Garden  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . . Other customers include Restaurants Unlimited, Inc., Luby's and Legal Sea Foods. "Today's acquisition expands our market and gives us a key technology platform to extend our share of growing and strategic hospitality markets. With this acquisition, PAR will be the first software supplier to offer a complete web-based, enterprise-architected solution to the restaurant industry" commented John W. Sammon, PAR Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Beyond the complementary nature of its applications, SIVA represents an immediate technology infusion in all areas of software development while bringing key architectural technologies to PAR for the basis of future development. Additionally, SIVA's R&D operation forms the core of a new, innovative PAR Software Solutions Division, creating a center of excellence for PAR restaurant software development, delivery and support." "At SIVA, we take great pride in our utilization of emerging technologies to solve business problems for restaurant operators in new and innovative ways," said SIVA CEO Jim Melvin. "Working with the backing, international infrastructure and people of PAR, we will be able to bring new ideas to the market much more quickly. It is a tremendous opportunity." Melvin will join PAR as Chief Strategy Officer. PAR's restaurant software operations will be integrated into the existing SIVA organization forming a standalone software solutions division of PAR headed by its President, Karen E. Sammon. "The acquisition of SIVA represents the completion of PAR's go-to-market strategy for the hospitality industry," commented Ms. Sammon. "The combination of our two businesses leverages PAR's international sales, services and support organization and complements PAR's world class hardware offering." PAR plans to continue marketing the SIVA products to the restaurant table service chain segment and immediately extend SIVA's service-oriented enterprise architecture to the Quick Serve Restaurant (QSR QSR Quick Service Restaurant QSR QoS (Quality of Service) Satisfaction Rate QSR Quality System Regulations QSR Quality Status Report QSR Quality System Review QSR Quarterly Status Report QSR Quality System Requirement ) and other hospitality segments. Additional information can be found at www.partech.com/SIVA. For more than 28 years, PAR has been a leader in providing solutions to the QSR market. PAR began a series of acquisitions in 2004 to expand its offerings to meet the needs of the greater hospitality industry, beginning with Springer-Miller to serve hotels and spas, PixelPoint to cover the independent restaurant market, and now SIVA. Certain Company information in this release or by its spokespersons from time to time may contain forward-looking statements. Any statements in this document that do not describe historical facts are forward-looking statements. Forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including without limitation, delays in new product introduction, risks in technology development and commercialization, risks in product development and market acceptance of and demand for the Company's products, risks of downturns in economic conditions generally, and in the quick service sector of the restaurant market specifically, risks of intellectual property rights associated with competition and competitive pricing pressures, risks associated with foreign sales and high customer concentration, and other risks detailed in the Company's filings with the Securities and Exchange Commission. ABOUT PAR TECHNOLOGY PAR Technology Corporation is a leading provider of professional services and enterprise business intelligence technology solutions. PAR develops, markets and supports hardware and software products that improve the ability of hospitality business professionals to make timely, fact-based business decisions. The Company is the world's largest supplier of Point-of-Sale systems to the quick service restaurant market with over 40,000 systems installed in more than 100 countries. PAR is also a leader in providing computer based system design and engineering services to the Department of Defense and other Federal Government Agencies. PAR Technology Corporation's stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol PTC. More information can be found on the Company's website at www.partech.com. |
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