ViVOtech Approaches VeriFone to Acquire Hypercom's U.S. Assets

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ViVOtech Approaches VeriFone to Acquire Hypercom's U.S. Assets

04/01/2011

SANTA CLARA, Calif. – ViVOtech, the near field communication (NFC) software and systems company, approached VeriFone Systems Inc. to acquire the U.S. assets of Hypercom Corp., the vendor reported. VeriFone said in November it would divest Hypercom's U.S. assets following its acquisition of the electronic payments company, which is expected to close in the second half of this year.

"NFC mobile commerce is on the cusp of becoming reality," Michael (Mick) Mullagh, ViVOtech CEO said in a released statement. "VIVOtech's acquisition of the Hypercom U.S. assets would allow us to accelerate the adoption of this revolutionary new technology and ensure that a vigorous and competitive market emerges to drive innovation and choice."

VIVOtech provides the key building blocks of the NFC ecosystem: smart applications, wallet and provisioning software, and point-of-sale systems, the company stated. To date, ViVOtech has shipped more than 800,000 contactless NFC readers. Through its direct and OEM channels VIVOtech has 80 percent share of U.S. deployments, including nearly 100 percent of VeriFone's current U.S. contactless NFC reader deployments, the company said.

"We see this as a strategic and transformative opportunity for ViVOtech to enhance our next-generation NFC platform, and accelerate the adoption of in-store mobile payment, loyalty, marketing and merchandising solutions in the U.S.," Mullagh stated. "ViVOtech is the only U.S.-based company in a position to support and provide continuity to Hypercom's customer base and become a strong, viable third competitor in the highly competitive U.S. market."