Motorola Makes Strategic Investment in ViVOtech
SCHAUMBURG, IL and SANTA CLARA, CA . – Motorola, Inc. (NYSE:MOT) through its Motorola Ventures strategic venture capital arm, today announced that it has made an equity investment in ViVOtech Inc., an acknowledged leader in contactless and mobile phone payment technologies. Financial terms of the deal were not disclosed.
Unlike other contactless technology offerings available on the mobile application market today, ViVOtech’s platform is designed for easy collaboration among issuers, mobile operators and technology providers to deliver the most intuitive and integrated consumer experience across a range of new customer services.
“Motorola continues to invest in new technologies that enable consumers to expand the value and functionality of the mobile phone,” says Reese Schroeder, managing director, Motorola Ventures. “This investment reflects Motorola’s commitment to building and participating in a world class mobile commerce ecosystem.”
“ViVOtech creates more value for financial institutions and retailers by enabling the electronic payment transaction process,” said Michael Mullagh, ViVOtech’s chief executive officer. “Our platform is transforming the way consumers spend money, make payments and purchases – making it so simple that any mobile phone user can securely and easily buy items with a simple wave of the mobile device at one of our NFC-powered contactless readers.”
Today’s on-the-go consumers are looking for simplified and more secure ways to pay for goods and services. Near Field Communication (NFC) technology is broadening the usefulness of mobile devices through short-range wireless connectivity which enables the phone to interact with payment systems for a wide variety of transactions, including those at the point-of-sale, ATMs and kiosks. Additionally, this connectivity allows for location-based personalized loyalty, coupon and promotion programs, and user authentication for check-in at airline and hotel self-service stations. ViVOtech’s comprehensive NFC technology offerings enable these new mobile features to provide best-in-class payment transactions at merchant locations all over the world.
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