Divestment of iiko international business. Operations to continue under a new company, Syrve

iiko Group has agreed to divest its international business and release the operating team to be combined under a new independent company, Syrve

The emergence of Syrve was preceded by the decision of the iiko Group board to separate its Russian operations and release its international shareholdings and controlling interests, as well as the former operating team in Europe and UAE, to focus on forward growth opportunities.

The upcoming changes will not affect the capabilities of the software platform or reliability of service for customers and partners. Syrve will inherit product rights, best practices, and staff, while honouring support contracts, Terms of Service, and software pricing, ensuring continuity of service.

Answers to frequently asked questions:

Who is Syrve? How is it related to clients in EMEA?

Syrve (www.syrve.com) is a new company located and operating in Europe and UAE.

Syrve has established a centralised Research and Development (R&D) and Technical Support team in Armenia, as well as taken over the hosting operations in its Central European data centres. Sales and customer support teams in UK, Italy and Dubai will transition to Syrve. iiko and Syrve companies will develop independently of each other. 

Syrve is an independent business that is not controlled by iiko Group in any way.

What exactly does Syrve receive from iiko and under what conditions?

100% equity value and controlling interests in iiko’s international business will be released to Syrve. 4,700+ customers as well as partners in 33 countries previously held by iiko will be under the support of Syrve.

As part of the transfer of international ownership, IP rights, contracts, staff, and best practices are released to Syrve under the obligation to fund ongoing product development and continue support of customers who have already paid a payment to iiko international, while retaining Terms of Service and software pricing.

Where is the Syrve IT infrastructure and servers, where is my data stored?

Syrve has taken over the entire supporting infrastructure for international customers – storing, processing, and disseminating of data and applications – including data centre operations in Central Europe.

The platform is deployed on state-of-the-art and eco-friendly facilities, ensuring resilience, fault tolerance, ultra-fast processing and security.

Is there a hard deadline for the transition to Syrve from iiko?

The transition has already started for product, branding, IP rights, contracts and operations. Most of the changes are ‘behind-the-scenes’ and not visible to customers. Some have already completed.

On June 1 this year, iiko customers outside of Russia will start to see product brand changes without impact on their operations. The first being, when logging into iikoWeb they will see the new Syrve App, which delivers the same functionality and experience to continue to work as normal. Thereafter, there is a phased plan to migrate products, support environments and billing to Syrve. 

The completion of the full transition period is targeted for: 01 September 2022, where all existing customers will trade and be supported by Syrve.

How will Syrve development and support differ, will there be any impact?

Syrve has obtained contractual IP rights over iiko software to support existing customers, while developing its own IP to deliver SaaS solutions that fit local requirements and business models.

Nothing will be explicitly changed in the user experience of products and services. Therefore, there is no impact on customers operations. In addition, all integrations, whether previously developed by iiko or the customer, will continue to work without any additional settings.

Usability of the technology will operate as before, with support contracts moving across to Syrve. Syrve will deliver the same level of product, service, and quality that customers receive today and continuously look for ways to improve.

How will I benefit from the transition to Syrve?

Specifically, Syrve will provide dedicated R&D for core international markets, thereby enabling it to speed up R&D cycles and support response for customers. Also, Syrve will be able to forge new partnerships with local technology-service companies.

Syrve’s R&D and Tech Support centre, as well as forthcoming HQ, are in regions that can attract professionals focused on emerging technologies and experimenting with new processes being adopted by the hospitality industry.

The regional sales and service hubs being taken over by Syrve have already jump-started efforts to build a distinct culture fit for international markets and become disrupters in the industry.