Previously announced merger talks have ended between Canadian technology suppliers Posera Software Inc. of Montreal and Squirrel Systems of Vancouver, both of which serve U.S. foodservice operators primarily in the full-service restaurant segment.
"Although we greatly respect Squirrel and have recognized the company's strengths, our organizations have decided not to pursue the merger. Research and in depth discussions led to the conclusion that at this time a merger was not the right strategic solution for both entities," said Posera president Jim Gillis.
Interim Squirrel president Charles Young added, "On the surface, the potential integration synergies looked very promising; however, through due diligence, those prospects became less likely." He continued, "We want to assure our customers that we remain committed to serving them and that this decision will allow us to get on with that job."
Officials of the two privately held companies earlier said a combined organization would support a broader and improved range of specialized products and services for the North American and international markets, among other benefits.
Posera said it has over 20,000 customers in 15 countries, operates three corporate offices and manages a worldwide distribution network. According to Squirrel, the company has more than 10,000 customers with 50,000 installed workstations.