Tech Mahindra to acquire Payments Technology Services for Rs 66 cr
Tech Mahindra to acquire Payments Technology Services for Rs 66 cr – Payments Technology Services Ltd (PTSL), a stage down auxiliary of fintech firm FIS, will be purchased by IT administrations giant Tech Mahindra on Tuesday for USD 9 million (about Rs 66 crore). The obtaining will give Tech Mahindra admittance to IPs and licenses for 2 items – Open Payment Framework (OPF) and Multi-Bank System (MBS), an administrative recording said.
With the admittance to IPs and licenses for two items, which is reliable with our technique with procured capacities within the installments space will help us in rotating the business towards item and stage executions and taking an interest within the financial change programs,” Tech Mahindra added.
This obtaining will open up different chances for Tech Mahindra as a much bigger work with FIS across various zones, it said.
The expense of obtaining is USD 9 million and therefore the exchange is required to close to March 31, 2021, the documenting added.
Set up in March 2007, PTSL is an installments arrangements supplier with focus on banking and monetary Services (BFS). The organization is settled in urban center and has around 109 representatives. Its turnover for the monetary year finished day, 2019 was USD 5.4 million.
In an assertion, Tech Mahindra said it’s inked an expert administrations concurrence with FIS to scale its undertaking installments and banking abilities to increase its BFSI (banking, monetary administrations and protection) impression all round the world. On the side of this procedure, Tech Mahindra will likewise fabricate a best at school Center of Excellence (CoE) in Chennai, India,” it added at Tech Mahindra, said BFSI is one amongst the quickest developing industry sections for Tech Mahindra and therefore the organization presently includes a solid presence across key districts including North America, Europe and Asia Pacific.
This step is pointed toward fortifying our worldwide installments capacities, in accordance with our TechMNxt sanction and is and offer customers start to end installments change benefits and extend this mastery to center banking and advanced,” he added.
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