Motorola Invests In ViVoTech

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Today Motorola announced that they have made a strategic investment in Vivotech, a company that is focused on contactless and mobile phone payment technologies.

“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.”

Financial terms were not disclosed.

They will join ViVOtech’s list of investors including First Data Corporation, NCR, Nokia, Alloy Ventures, Draper Fisher Jurvetson, DFJ Gotham Ventures, Miven Venture Partners, and an undisclosed Fortune 500 company.

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