NCR Becomes ‘NCR Voyix’ Ahead of Company Split
Technology services company NCR says it is now officially called “NCR Voyix.”
The company announced the name change Monday (Oct. 16), the same day it is scheduled to divide into two independent, publicly traded companies: NCR Voyix, focused on digital commerce, and NCR Atleos, which is focused on ATMs.
The name change became effective Oct. 13, with NCR Voyix stock set to begin trading on the New York Stock Exchange under the new ticker symbol “VYX” on Tuesday (Oct. 17), the company said in a news release.
The goal of the separation is to unlock value, NCR Board of Directors Executive Chairman Frank R. Martire said when the company announced its plans last year.
“By creating two best-in-class independent companies, we should be able to accelerate the pace of transformation by enabling each to execute its own growth strategies and better capture the value-creation opportunities ahead,” Martire said at the time.
Last month, NCR reported second-quarter revenue of close to $2 billion, a 1% year-over-year decline. The company generated $154 million of free cash flow during the second quarter, which exceeded its goal of reaching t $500 million of free cash flow for the past three quarters, a goal CEO Michael Hayford said would allow the firm “to decrease financial leverage in preparation for the separation transaction.”
Meanwhile, last week saw reports that Brink’s was in talks with NCR to merge with that company’s ATM business, but Brink’s said those talks were not happening.
“The Brink’s Company is not in discussions about a possible strategic transaction with NCR Corporation,” the cash and valuables management company said in a news release.
Reached for comment by PYMNTS, a spokesperson for NCR said in an email that the company “does not comment on rumor or speculation.”
Reuters reported last week that NCR and Brink’s were in advanced talks regarding a merger that would form a combined company worth around $12 billion, per sources with knowledge of the matter.
The deal, structured as a reverse Morris trust, would let NCR merge its ATM business, valued at $5.5 billion, with Brink’s, while providing NCR shareholders with a large piece of the combined company tax-free.
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