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Sequent Buys Remaining Parts of NFC Vendor, ViVOtech
Published on:
Sequent, a provider of Trusted Service Manager (TSM) software and services, has acquired the software division of NFC vendor, ViVOtech. Financial terms were not disclosed.
ViVOtech was reported to be in financial difficulites earlier this year. Although it denied the reports, it decided to sell its NFC hardware division to focus on software services. It has now sold the software as well.
Sequent's product portfolio, which had focused primarily on services for secure element owners such as mobile network operators, now expands to include TSM software for issuers and application service providers. The acquisition enables Sequent to integrate banks and other service provider's credentials more efficiently into the secure element of a mobile device.
"Sequent now offers customers an integrated solution developed by a world-class team with an unmatched level of expertise. Sequent is now uniquely positioned to deliver compelling solutions throughout the mobile ecosystem," said Robb Duffield, who has assumed the role of Chief Executive Officer.
As the company transitions to a more operational stage, Drew Weinstein, founding CEO, will become a Director on the Sequent Board.
Tags: [vivotech] [sequent] [nfc]
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