eFunds to Acquire Business Interests of India Switch Company

Tuesday 5 April 2005 13:31 CET | News

eFunds International India has signed a definitive agreement to acquire the current ATM managed services and payments processing interests of India Switch Company from HMA, a privately-held group of companies with experience of providing end-to-end solutions for debit services to the Indian retail banking sector.

The initial cash purchase price is $17.5 million, subject to working capital adjustments and holdback arrangements. An additional payment may be made approximately one year following the closing if the business achieves certain revenue objectives during that period. The maximum amount payable in respect of this earn-out is $2.5 million. The acquisition demonstrates eFunds commitment to extending its Indian activities by expanding the market reach of one of its core businesses; bringing the benefits of the Companys three decades of experience in the field of electronic payments to the rapidly expanding Indian domestic market and giving it an established customer base in the Indian payment solutions sector. The current ISC services include TRIMS (Total Retail Infrastructure Management Services), providing complete outsourced ATM deployment and management services to banks in about 20 Indian cities; as well as two shared interchange networks, CashTree and BANCS, which operate on eFunds IST payments software. Noshir Kathok, an EFT industry veteran with 30 years of experience, has returned to India to head eFunds business development activities.

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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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