IT offerings important Tech Mahindra on Tuesday said it’s going to gather Payments technology Services Ltd (PTSL), a step-down subsidiary cutting-edge fintech company FIS, for USD nine million (about Rs 66 crore).
The purchase will deliver Tech Mahindra to get entry to IPs and licenses for two products – Open charge Framework (OPF) and Multi-bank device (MBS), a regulatory filing said.
“The obtained abilities within the bills space will provide us get admission to IPs and licenses for two merchandise, which is consistent with our approach modern-day pivoting the business today’s product and platform implementations and participating in the banking transformation programs,” Tech Mahindra added.
This acquisition will open up other opportunities for Tech Mahindra as a bigger partner with FIS throughout cutting-edge areas, it said.
The value of the cutting-edge acquisition is USD 9 million and the transaction is expected to close by way of March 31, 2021, the filing brought.
Hooked up in March 2007, PTSL is a bills answers issuer with attention on banking and financial offerings (BFS). The agency is centered in Hong Kong and has approximately 109 personnel. Its turnover for the financial 12 months ended December 31, 2019, become USD 5.4 million.
In an announcement, Tech Mahindra stated it has inked a professional services settlement with FIS to scale its company bills and banking abilities.
“This settlement aligns with Tech Mahindra’s method to extend its BFSI (banking, monetary services, and coverage) footprint globally. In support of modern-day this strategy, Tech Mahindra may also construct a Centre state-of-the-art Excellence (CoE) in Chennai, India,” it added.
Vivek Agarwal, Head company development and worldwide Head for monetary offerings and Healthcare at Tech Mahindra, said BFSI is one of the quickest developing enterprise segments for Tech Mahindra and the organization now has a sturdy presence across key regions inclusive of North America, Europe, and the Asia Pacific.
“This pass is in keeping with our TM charter and is aimed at strengthening our worldwide payments talents, and provide customers give up-to-end bills transformation offerings and enlarge this understanding to middle banking and virtual,” he introduced.
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