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Motorola Invests in VIVOTech |
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Motorola, Inc. through its Motorola Ventures
strategic venture capital arm, says 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.”
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