Vivotech Refutes Rumors of Its Demise

By Sean Sposito July 27, 2012, 4:55 p.m. EDT 1 Min Read

Bank technology

Sequent, ViVOtech Plan NFC Project

Sequent Software, a maker of products and services enabling mobile payments based on near-field communication, said it would work with ViVOtech Inc. in developing mobile wallet-based NFC payment technology for commercial customers.

By Kate Fitzgerald

May 27
Bank technology

Larger Players' M&A Seen as Impetus of Vivotech Move

Vivotech Inc.'s attempt to acquire a piece of Hypercom Corp. could be a move to resist the effects of consolidation among larger terminal makers.

By Sean Sposito

April 1

Software and systems company Vivotech announced Friday that it is restructuring its operations and reducing its workforce.

The Santa Clara, Calif. company, which once worked to acquire the divested U.S. operations of point of sale terminal maker Hypercom after it was bought by VeriFone (PAY), has been attempting to sell its card reader business for the past six months. The sale, however, "has moved slower than anticipated," according to a press release issued by Vivotech today.

Earlier today the NFC Times and TechCrunch reported the company had shuttered completely.

"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 relationships and core contract work," the company said in a press release.

Reached on his cell phone, Vivotech chief executive John Peters declined to discuss the future of the company. He referred an American Banker reporter to the company's website.

Vivotech was founded in 2001 and provides customer experience applications, trusted service manager software, and point of sale systems for NFC technology.

Vivotech's' investors include Citigroup (C) First Data Corp., Sprint (S) and NCR, among others.

Sean Sposito