04 August 2015

ViVOtech denies it's shutting down but confirms plan to sell off reader biz

30 July 2012  |  4136 views  |  0 tick tock

US contactless payments specialist ViVOtech says that is looking to sell off its reader business but denied press reports that it is set to completely cease operations.

On Friday, citing sources, NFC Times reported that ViVOtech was holding conference calls with employees to inform them it was discontinuing operations. The news site says cash flow problems are to blame, despite the fact the vendor closed a series d funding round just months ago, taking total investment to $96 million.

ViVOtech has denied the claims, issuing a statement on its Web site insisting that its "business fundamentals are strong and orders and contracts are building in both its reader and software business."

However, the statement confirms that "over the last six months the company has been executing a strategy to divest its reader business to a qualified buyer. This sale has moved slower than anticipated."

This means that staff numbers are being cut as focus switches to the software business: "ViVOtech has not ceased operations but is in the process of restructuring operations and has reduced its team to a smaller group with the goals of maintaining customer relationship and core contract work, and to address our supplier relationships and commitments".

KeywordsEFTPOS

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

05 March, 2012
29 March, 2011
17 February, 2009
13 February, 2008
20 August, 2007
03 May, 2007

Related company news

 


Top topics

Most viewed Most shared
ING Bank introduces voice-activated mobile...
11388 views comments | 28 tweets | 33 linkedin
Will Uber be the Uber of banking?
9455 views comments | 41 tweets | 33 linkedin
MasterCard to connect Europe to Samsung Pa...
6930 views comments | 20 tweets | 16 linkedin
Deutsche Bank backs blockchain potential
6895 views comments | 32 tweets | 18 linkedin
Payments and capital markets sectors domin...
6834 views comments | 17 tweets | 19 linkedin

Featured job

to $120K base, double OTE, benefits
New York City, NY or Boston, MA (USA)

Find your next job