Press Releases
Squirrel Management Group to Acquire Verso's Restaurant Systems Division
SQS Acquisitions Inc. has announced the signing of an agreement with Verso Technologies, Inc. (Nasdaq NMS: VRSO) to purchase the shares of Squirrel Systems of Canada, Limited and Squirrel Systems, Inc. Squirrel Systems is a leading provider of innovative technology solutions for the worldwide foodservice industry. Closing of this transaction is conditioned upon completion of bank financing and other issues.
SQS Acquisitions Inc. and its wholly owned subsidiary SQS Acquisitions (US) Inc. were created as part of the management buyout process initiated by the existing executive of Squirrel. Squirrel operations and head office in Vancouver support a sales and service network throughout North America, in addition to distribution in Europe and Asia. The key members of the management group participating in this transaction are all long-term employees, dedicated to maintaining Squirrel as a leader in restaurant management systems. Their management has resulted in Squirrel realizing continuous profitable growth since 1984. They include Barry Logan, President; Victor Nightscales, Vice President-Operations; David Atkinson, Vice President-Sales & Marketing; Sam Noble, Vice President-Sales and Joseph G. Cortese, Vice President-Research & Development.
"The Squirrel executive team has worked successfully together since Squirrel was founded. Being in a position to acquire Squirrel is very exciting for us. It allows Squirrel to grow in new directions and fulfills management's major objective of achieving ownership. The evolvement of Squirrel as an independent operation helps Verso in meeting their goal of focusing on their core business and we wish them the best," says Barry Logan President of Squirrel.
Squirrel Systems began operation in Vancouver in 1984 by originating the first touchscreen restaurant management system. A developer of both software and hardware, Squirrel employs approximately 200 people, mainly in North America. Squirrel products and services are sold globally through a combination of direct offices and authorized resellers in the United States and Canada. As well, Squirrel has representation in other major centers through a network of authorized resellers in the Americas, EMEA and Asia/Pacific.
Superior service and support is provided to Squirrel customers 24 x 7 through their fully staffed Solution Center. To ensure satisfaction, support and services are fully integrated with Squirrel's network of Corporate and Business Partner service offices. Assistance can be dispatched from these locations whenever a local service call is necessary.
For the past 15 years, Squirrel Systems has been a leading total solutions provider of management systems for independent and chain restaurants, and food and beverage operations in hotels, resorts and golf clubs. Squirrel has earned its reputation for innovation and excellence by meeting the needs of over 10,000 customers with 50,000 installed Squirrel POS workstations. Leading restaurant chains like The Keg, Chevy's, O'Charley's, Chi Chi's, McCormick & Schmick, Houlihan's and many others have standardized on Squirrel as their in-store management solution.
Squirrel has long employed a strategy of providing a migration path for existing
customers. The Touch Tomorrow™ product strategy has resulted in Squirrel's
latest offerings; Squirrel for Windows NT® and Squirrel Classic™ for Windows
NT®. The fulfillment of the first phase of the Touch Tomorrow strategy is complete
with the release of Squirrel® for Windows NT® to new customer sites. A 1998
recipient of the Microsoft® Retail Application Developer Award (RAD), Squirrel
for Windows NT combines the powerful Windows NT and SQL Server™ software platform
from Microsoft with Squirrel's commitment to provide a point of sale system (POS),
which is dramatically easier to use and customize to meet each restaurateur's unique
needs. The design of the user interface is based on advanced human factors engineering,
making the system simple, intuitive and natural to use.
Linda Gillis
Director, Marketing
Squirrel Systems
Tel: 604.412.3300
Email: lgillis@Squirrelsystems.com
