NCR Corporation has passed another milestone in its plan to divide into two independent, publicly traded companies.
The Securities and Exchange Commission (SEC) has declared effective the Registration Statement on Form 10 filed by NCR Atleos, marking a crucial step in the company’s separation process, the enterprise technology provider said in a Wednesday (Aug. 16) press release.
The split, which will result in the formation of NCR Atleos and NCR Voyix, is anticipated to be finalized in the fourth quarter.
NCR’s board of directors approved the decision to separate on Sept. 15. The company said in the press release that it is confident the split will position it for long-term growth and generate value for its shareholders.
“NCR is well positioned to successfully separate into two market-leading companies, each with opportunities for long-term growth,” NCR CEO Michael D. Hayford said. “Q2 was one of the strongest quarters in our history, and NCR Atleos and NCR Voyix are ready to build on this momentum, create value for shareholders and make each a top destination for talent globally.”
NCR previously announced that Tim Oliver has been appointed as CEO-designate of NCR Atleos, which will concentrate on banking services and ATMs, according to the press release.
Other designated members of the executive leadership team include seasoned professionals from both within and outside NCR, and the company aims to meet the global demand for ATM access while exploring new transaction types, including digital currency.
The firm also previously announced that David Wilkinson will assume the role of CEO-designate for NCR Voyix, which will focus on digital commerce, the release said.
The NCR Voyix team will bring together executives from NCR’s global retail, hospitality and digital banking sectors alongside other industry leaders. Their objective is to deliver digital commerce solutions by leveraging NCR’s platform-based model to enhance operational efficiency for customers.
Hayford said in an Aug.2 earnings release that NCR’s planned separation is in full swing and that the firm reported Q2 revenue of nearly $2 billion. He also reported that the company’s generation of free cash flow during the quarter exceeded its goal and will enable NCR “to decrease financial leverage in preparation for the separation transaction.”
