NCR Announces Filing of Form 10 Registration Statement for Planned Spin-Off of ATM Company
NCR Corporation (NYSE: NCR), a leading enterprise technology provider, today announced the filing of the Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) for the planned spin-off of its ATM business.
This Form 10 filing is a key milestone in NCR’s previously announced plan to separate into two independent, publicly traded companies – one focused on digital commerce, the other on ATMs – expected in the fourth quarter of 2023.
The Form 10 includes important information about the ATM company’s business, strategy, summary of solutions and historical financial results.
The Form 10 also names current NCR executive leaders who have been designated to join the ATM company, with more executive leaders to be communicated by August. In addition to Tim Oliver, previously announced as designate Chief Executive Officer of the ATM company and currently NCR Senior EVP and Chief Financial Officer, planned executives of the ATM company in the filing include:
Dan Antilley, designate Chief Security Officer & Cash Operations
Stuart Mackinnon, designate Chief Operating Officer
Patricia Watson, designate Chief Information & Technology Officer
“We are building an organization that will sustain NCR’s market leadership and extend the success of our ATM-centric businesses well into the future,” said Tim Oliver.
The ATM company will be a cash-generative business positioned to focus on delivering ATM as a Service to a large, installed customer base across banks and retailers. It will build on NCR’s leadership in self-service banking and ATM networks to meet global demand for ATM access and leverage new ATM transaction types, including digital currency solutions, to drive market growth. The company will also continue shifting to a highly recurring revenue model to drive stable cash flow and capital returns to shareholders.
“NCR's Q1 2023 financial results demonstrated the strength of our business, reinforced by our ability to deliver continued performance in parallel with separation activities,” said NCR CEO Michael D. Hayford. “Our ATM and digital commerce businesses will enter the transaction with strong operational performance and strategic momentum. I remain confident that the separation will enhance the future of both companies and liberate shareholder value.”
Future updates to the ATM company’s registration statement on Form 10 will be filed with the SEC and may be viewed at www.sec.gov. The registration statement on Form 10 currently filed is subject to change and will be made final prior to its effective date. The separation transaction will follow the satisfaction of customary conditions which are disclosed in the ATM company’s registration statement on Form 10, including effectiveness of appropriate filings with the SEC. Should alternative options become available in the future that could deliver superior value to our shareholders than the planned separation, such as a whole or partial company sale of NCR, the Board remains open to considering alternative scenarios.