National Cash Register Company (NCR), predecessor to NCR Corporation (1974-2023) and National Cash Register Co. (1884-1974), was an American technology company that significantly impacted the evolution of retail and commerce. NCR’s journey began with the invention of the cash register and evolved through innovation to become a leading technology corporation.
Brothers James and John Ritty invented the first mechanical cash register in 1879. In the early 1880s, they formed the National Cash Register Company, later renamed National Manufacturing Company, to commercialize their invention. However, the company struggled to sell its product, operating in a rundown area of Dayton, Ohio.
In 1884, John H. Patterson (1844-1922) acquired a controlling interest in the company and the cash register’s patent. Through aggressive marketing, advanced manufacturing techniques, and innovative sales strategies, Patterson transformed the cash register into a staple of modern retail. He improved the cash register, making it more user-friendly, and deployed a dynamic sales force to demonstrate the product to merchants. Patterson paid his salespeople generous commissions and implemented the idea of exclusive territories for each salesperson. To address customer concerns about maintaining the complex machines, he established a team of technicians to service products after the sale.
During this period, Patterson also began acquiring competitors, primarily smaller regional cash register manufacturers. By the early 20th century, NCR dominated the cash register market, holding approximately 95% market share in the US. However, the company’s monopolistic position attracted the attention of antitrust regulators. In 1912, NCR and over twenty executives, including Patterson, were convicted of violating the Sherman Antitrust Act. Their convictions were overturned in 1915.
Patterson died in 1922, and four years later, the company went public. At the time, the company’s $55 million initial public offering (IPO) was the largest IPO in US history.
During the 20th century, the company expanded, supplementing cash register production by introducing accounting machines in the 1920s, electronics during World War II, business forms, computer hardware and software in the 1960s, and microelectronics in the 1970s. Under the leadership of chairmen William S. Anderson and Charles E. Exley, Jr., NCR continued to develop new technologies and expand its markets. The company also underwent significant restructuring, including substantial workforce reductions and the decentralization of operations away from Dayton, Ohio.
In 1991, the company was acquired by AT&T and renamed Global Information Solutions. In 1996, when AT&T split into three companies, NCR Corporation was spun off to AT&T shareholders and regained its original name. Following the separation from AT&T, the company focused on financial technology, particularly ATMs, mobile banking, and retail software.
In 2022, NCR announced plans to split into two companies: NCR Voyix and NCR Atleos. NCR Voyix focuses on digital commerce, such as point-of-sale transaction technology and self-checkout machines. NCR Atleos was formed to manage the company’s surcharge-free ATMs. In October 2023, the company completed the planned split and began operating as two separate entities, each trading independently on the New York Stock Exchange (NYSE). The following year, NCR Voyix sold its digital banking division to Veritas Capital in a deal worth $2.45 billion. This transformation marked a significant turning point in the history of the National Cash Register Company, solidifying its place in the financial technology and digital commerce landscape.
