SIVA enters into agreement to buy Progressive

SIVA enters into agreement to buy Progressive
July 19, 2004

DELRAY BEACH, Fla., July 20 /PRNewswire/-- SIVA Corporation™ entered into an agreement yesterday to purchase Progressive Software. The move will make SIVA the third largest point-of-sale supplier to the country's restaurant industry. Since 2000, SIVA has built a foundation of next generation technology products designed to help multi-unit restaurant operators manage their enterprises more effectively and efficiently. Jim Melvin, SIVA CEO, said the company will offer Progressive's products as part of an expanded SIVA offering. "We believe that our customers should be free to control their own IT destiny," Melvin said. "Now more than ever, SIVA will be able to provide operators with options that allow them to evolve their technology strategies over time." SIVA will retain all Progressive employees to ensure continuity of customer service and technical support for the combined companies' more than 13,000 customers. Progressive's offices in Charlotte, NC, will remain open and SIVA headquarters will remain in Delray Beach. Christopher Sebes, former chief executive officer of Progressive, will join SIVA as chief operating officer upon completion of the acquisition. "We expect to integrate the two companies smoothly, without a great deal of change for employees," said Sebes. "Progressive's customers will continue to receive the same high quality service and support that they always have. In addition, following the acquisition they will have new choices when developing their restaurant technology strategy, both for today and for the future." With the acquisition of Progressive, SIVA's offering includes three distinct point-of-sale products that cover the technology spectrum: · iSIVA™, which is built on an enterprise architecture using next generation Web technologies; · IRIS, one of the most widely installed Windows-based POS systems for QSR and fast-casual; and · SMART, the only DOS-era application that has been continuously maintained and enhanced with the new functionality restaurant operators want and need. Restaurant operators can extend any of these applications with a comprehensive, cutting-edge set of back office and operations intelligence solutions, as well as above-store reporting, real-time alerts, and enterprise application management tools. SIVA provides further flexibility by offering applications that run on a choice of hardware and operating system, that comply with emerging industry data standards such as ARTS and IXRetail, and that are easy to extend using SIVA's Software Developer's Kit. SIVA is the only major point-of-sale software company in the foodservice vertical that is not also a hardware vendor. About SIVA Corporation™ SIVA Corporation™ offers a broad range of applications that help operators of multi-unit restaurant chains manage their enterprises more effectively and efficiently. Through a spectrum of technology choices, SIVA provides operators with options and allows them to evolve their technology strategies over time. With more than 13,000 installations, SIVA counts some of the best known names in the restaurant business among its customers, including Arby's, Hardee's franchisee Boddie Noell, Jack in the Box, Jason's Deli, Starbucks, Steak n Shake and the franchise cooperative of Burger King. The company distributes its front-of-house, back office, operations intelligence, and enterprise solutions throughout North America. For more information, call 561.272.2121 or visit http://www.SIVAcorp.com. source:SIVA Corporation Web Site:http://www.SIVAcorp.com