NEW HARTFORD, N.Y. — PAR Technology Corporation announced it acquired SIVA Corporation for $6.6 million.
SIVA Corporation provides software solutions built on a service-oriented architecture that improves the management of money, materials, people and overall guest experience for multi-unit restaurant chains.
Among SIVA's customer list is the largest casual-dining chain in the world Darden Restaurants, owners of the Red Lobster and Olive Garden. Other customers include Restaurants Unlimited Inc., Luby's and Legal Sea Foods.
"(This) acquisition expands our market and gives us a key technology platform to extend our share of growing and strategic hospitality markets," said John W. Sammon, PAR chairman and chief executive. "With this acquisition, PAR will be the first software supplier to offer a complete Web-based, enterprise-architected solution to the restaurant industry."
According to a news release, 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.
PAR said it 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 QSR and other hospitality segments.
