NCR Moves Forward with Separation Plan

Plans for the separation of NCR Corporation into two separate businesses is moving apace, with the US Securities and Exchange Commission declaring effective the registration on Form 10. The two new businesses, NCR Atleos and NCR Voyix, will focus on ATMs and digital commerce in retail, hospitality and banking, respectively.

The plans for the separation are expected to be completed in the fourth quarter of this year.

‘NCR is well positioned to successfully separate into two market-leading companies, each with opportunities for long-term growth,’ Michael D Hayford, CEO of NCR, 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 reported sales of just under $2 billion in the second quarter of 2023 (of which 70% is in services versus products, and $1.3 billion in recurring revenues), a 1% decline on the same quarter in 2022. The company confirmed its guidance in February for 2023 revenues in the $7.8-8 billion range, and adjusted EBITDA of $1.45-1.55 billion.

NCR has also announced key appointments to the leadership teams for both companies. They include the appointment of Tim Oliver, currently NCR’s Executive VP and Chief Financial Officer, as CEO of NCR Atleos, and David Wilkinson, currently President of NCR Commerce, as CEO of NCR Voyix. Other designated members of the executive leadership teams include professionals from both within and outside NCR.