Payments software and systems provider Vivotech has sold its reader business to California-based ID TECH, TechCrunch reports.
Rumors had been circling that Vivotech might be altogether folding at one point last month, until Executive Chairman Mick Mullagh issued an official statement clarifying that the business was preparing to simply restructure rather than close.
At the time, multiple outlets had also suggested that Vivotech had burned through the more than $100 million it had raised through various rounds of equity financing. The terms of Monday’s sale were not disclosed.
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