PerformanceRetail Merges with Notiva
Combined Company Delivers Strengthened Web-based Business Solutions for Retailers and Manufacturers
AUSTIN, TX, August 2, 2005 — PerformanceRetail, Inc., a leading provider of software for the high-velocity retail industry, and Notiva Corporation, a leading provider of Web-based trade settlement software for retailers and their trading partners, today announced that the companies have merged. The merger brings together two technology leaders in the retail software market with continued investment and additional resources, and will enable acceleration of customer acquisition, deployment and product development.
Founded in 2000, Minneapolis-based Notiva provides a patented collaborative software solution that enables retailers and their trading partners to reduce trade disputes, lower the cost of goods and improve revenue through a single source of data on the financial transactions between them.
Austin-based PerformanceRetail’s InSite™ software suite provides retail business intelligence, merchandising and store operations capabilities that enable high velocity retailers to gain new visibility into the metrics driving their businesses and directly improve profitability and performance.
The combination of PerformanceRetail and Notiva uniquely addresses a broad problem in the retail market – the lack of accurate data across the supply chain – an issue that costs retailers and manufacturers billions of dollars every year. By providing enhanced visibility and business analytics, and a modular suite of solutions to drive improved operational performance, the combined company can enable retailers with better information upon which to run their businesses and manufacturers with better visibility into the profitability of their retailer relationships.
“This merger brings together the strengths of two technology leaders to create a proven provider of industry-defining solutions for retailers and manufacturers.” said Marc Hafner, chief executive officer of PerformanceRetail. “Together, and with the continued support of our investors and the additional resources this merger provides, we are better positioned to expand delivery of world-class solutions for the benefit of customers from both companies. We will continue to maintain our growth and seek opportunities to broaden as well fortify our product offerings.”
The merged company retains the PerformanceRetail name and is headquartered in Austin, Texas. Hafner continues in his role as chief executive officer, president and chairman of the board. Additionally, the company is expanding the management team to include Notiva senior executives in the roles of vice president engineering, vice president professional services and vice president customer care in order to bring more focus to the company’s rapidly growing list of customer deployments. The new, combined board of directors is comprised of PerformanceRetail board members Hafner, Michael Brooks of Venrock Associates, Richard White, an independent director, and Steven Krausz of U.S. Venture Partners, an investor in both companies, who was also on Notiva’s board. Also joining the PerformanceRetail board from Notiva’s are Eric Young of Canaan Partners and David Hornik of August Capital.
This merger falls on the heels of significant momentum for PerformanceRetail, evidenced by the company adding more than a dozen new customers this year. This momentum clearly maps to recognition among retailers of the need for more timely, accurate and actionable business analytics and the value delivered by PerformanceRetail to fulfill this vision. Now, through the addition of the Notiva solution, proven over the last five years with major retailers and manufacturers, PerformanceRetail can extend its value deeper into retail organizations and across the entire supply chain.
"This combination broadens the appeal of the Notiva solutions and stands to address a major hole in the market,” said Dave Bandych, co-founder of Notiva and the new vice president of customer care for the combined company. "Not only will we continue to provide best of breed modular solutions for retail business intelligence, store operations, merchandising and trade settlement, the combined vision enables the industry’s first real-time analytics and collaboration database for retailers and their trading partners.”
About PerformanceRetail
PerformanceRetail is the leading provider of web-based business solutions for retailers and their trading partners. Through its modular suite of retail analytics, process automation and trade settlement solutions, retailers and manufacturers can improve the profitability and efficiency of key merchandising, store operations and supply chain processes. Delivered as an on-demand service over the Internet, the company’s solutions and comprehensive suite of services offerings ensure retailers and manufacturers realize value quickly while reducing upfront capital expenditures and ongoing support costs. By partnering with PerformanceRetail, industry leaders are transforming their operations into highly competitive, customer-driven profit centers. For more information, visit www.performanceretail.com.
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