ViVOtech, Maker Of NFC Hardware, Software & Services, Is Shutting Down (Update: ViVOtech Says “Restructuring”)

ViVOtech, Maker Of NFC Hardware, Software & Services, Is Shutting Down (Update: ViVOtech Says “Restructuring”)

ViVOtech, the near field communication company is shutting down due to cash flow problems.  The company, which has raised millions of dollars in funding, develops payment software and NFC products including smart posters, contactless readers and writers, over-the-air provisioning, and transaction management infrastructure software.  It was looking as if ViVOtech had many key players in line, including Google partners to create Google Wallet.  To assist this push to become a player in mobile payments, which uses NFC technology, it also partnered with Isis, the NFC joint venture between U.S. mobile operators AT&T, T-Mobile, and Verizon.  ViVOtech also has payment terminals in big name retailers such as McDonalds and Whole Foods.  So what’s the problem?  ViVOtech may have hit the market too early before it had all the technology down pat and/or before the market itself was ready to use such technology as readily as ViVOtech intended.  In sum, there was too much money coming in without enough coming out.    

See article here:

http://techcrunch.com/2012/07/27/report-google-nfc-partner-vivotech-shutting-down-operations/