SAN FRANCISCO – Pay By Touch, the financially ailing biometric identification company that has built itself through corporate acquisitions the last few years, yesterday said it is considering the sale of some of its units as part of a reorganization in bankruptcy court.
Pay By Touch, formally known as Solidus Networks, Inc., said it is actively shopping some of its non-core subsidiaries, including Paycheck Secure, ATM Direct and Payment Solutions.
The company, which produces fingerprint identification that allows shoppers to shun their credit cards and tap into their credit union and bank accounts with the touch of a finger, filed a voluntary Chapter 11 petition in October amid feuding between founder John Rogers and investors. As part of the bankruptcy, the company yesterday said it replaced a board of directors controlled by Rogers with a new panel and Rogers now serves as a non-employee director.
The new board has hired investment bank Jefferies & Co. to search for new investors.
