OAK BROOK, Ill., April 17, 2006 (PRIMEZONE) -- Savista Corporation, a provider of award-winning enterprise software to the global restaurant and hospitality industries, has been acquired by Torex Retail Plc, the market-leading international provider of innovative IT retail solutions. Prior to the acquisition, Savista was a privately held company principally owned by Accel-KKR Company LLC ("Accel-KKR"), a private investment firm founded by venture capital firm Accel Partners and private equity investment firm Kohlberg Kravis Roberts & Co.
The acquisition expands Torex Retail's hospitality offering into the Quick Service Restaurant (QSR) market on a global basis. Hospitality is one of the fastest growing areas of business for Torex Retail, and QSR is the largest segment of the U.S. hospitality sector. The acquisition also adds a world-class software development center based in Sao Paulo, Brazil to the company's global capabilities.
Chris Moore, Executive Chairman, Torex Retail, said, "Torex Retail is a leading international provider of retail systems in several vertical industries. We are extending this leadership position into the hospitality sector by combining our competitive strengths in restaurant, pub and hotel property management solutions, which are supported by a global service footprint, with Savista's highly successful restaurant platform. Together, we will offer an unbeatable combination of solutions dedicated to becoming the preferred provider of choice worldwide."
Savista's flagship product, the NewPOS Restaurant Platform, currently operates on more than 30,000 terminals at restaurant locations in 66 countries. Much of its success can be attributed to the platform's highly scalable enterprise design, groundbreaking customization model and unmatched functionality. In 2005, the platform was rated the No. 1 POS system for Quick Service Restaurants (QSR) and No. 1 POS system for large-scale restaurant chains in 'Hospitality Technology's' annual retail software report.
Savista's NewPOS Restaurant Platform is also one of the fastest growing international POS solutions in QSR. In 2003, McDonald's Corporation, the leading global foodservice retailer, tapped Savista to develop a next generation POS platform for use throughout its global retail system. McDonald's selected the Savista platform as its global standard for POS software in 2004.
Dave Weick, Chief Information Officer, McDonald's Corporation, said, "Creating global standards in information technology is a critical strategy for the continued success and growth of our organization. Our successful relationship with Savista and the deployment of a common POS platform in over 60 countries to date has helped us to standardize operations in our restaurants, reduce costs and increase our pace of change and innovation. NewPOS today is installed in more than 5,200 stores, and we remain committed to our POS global strategy to deploy into thousands of additional stores."
Torex Retail will leverage its global reach, financial resources and strategic vision to help the NewPOS technology team broaden its product offerings and deepen its service capabilities around the world. The combined companies bring together a number of key assets, including Torex Retail's extensive retail experience and blue chip customer base and Savista's global install network in the restaurant sector. Jeff Bizzack, Savista's former Chief Executive Officer, will join Torex Retail as an Advisory Board Member.
Weick added, "We are excited about Torex Retail's ownership and the breadth of capabilities and experience they bring to our partnership. Their combined global resources and infrastructure represent an opportunity to grow our relationship further."
About Torex Retail
Torex Retail is a leading independent provider of cutting-edge retail technology solutions to many of the world's principal retailers. Since the company's flotation in spring 2004, Torex Retail has achieved rapid growth across all of its markets and has rigorously pursued its goal of becoming the provider of choice. As a result, the company now has a presence in all of the major markets around the world and has built a strong platform for future growth in line with its strategy. Torex Retail's product and solution set spans high street and out-of-town retail as well as the petroleum and convenience sector and with over 6,000 customer relationships, including Tesco, Woolworth, Selfridges, Shell and Argos, the company has earned a leading reputation amongst retailers. Torex Retail has more than 2,800 staff based in 17 countries. www.torexretail.com
About Savista
Savista is the provider of the award-winning NewPOS Restaurant Platform. In 2005 'Hospitality Technology' magazine named the NewPOS Platform the No. 1 POS solution for Quick Service Restaurants (QSR) and the No. 1 solution for large enterprise organizations, defined as 200 or more restaurants. Installed on more than 30,000 terminals in 66 countries, the NewPOS Platform processed over 2 billion guest transactions globally in 2005.
Savista attributes the success of the NewPOS Platform to its ground-breaking customization model, providing clients with unprecedented flexibility and the ability to adapt to change and scale technology investments with the growth of their organizations. NewPOS features an entirely open integration model, extensive enterprise design for mass deployment and support, and arguably the most comprehensive QSR functionality of any global POS application. The platform also offers a suite of highly innovative add-on modules, including its proprietary wireless Handheld Order Taker, Customer Self-Ordering Kiosk, Remote Order Taking and Centralized Data Management. Savista has locations in Oakbrook Terrace, Illinois, Sydney, Australia and Sao Paulo, Brazil. Please visit www.savistacorp.com.