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Tech Mahindra to acquire Payments Technology Services for USD 9 million
IT services major Tech Mahindra on Tuesday said it will acquire Payments Technology Services Ltd (PTSL), a step-down subsidiary of fintech firm FIS, for USD 9 million (about Rs 66 crore).
The acquisition will give Tech Mahindra access to IPs and licenses for two products - Open Payment Framework (OPF) and Multi-Bank System (MBS), a regulatory filing said. The acquired capabilities in the payments space will give us access to IPs and licenses for 2 products, which is consistent with our strategy of pivoting the business towards product and platform implementations and participating in the banking transformation programmes, Tech Mahindra added.
IT services major Tech Mahindra on Tuesday said it will acquire Payments Technology Services Ltd (PTSL), a step-down subsidiary of fintech firm FIS, for USD 9 million (about Rs 66 crore). The acquisition will give Tech Mahindra access to IPs and licenses for two products - Open Payment Framework (OPF) and Multi-Bank System (MBS), a regulatory filing said. The acquired capabilities in the payments space will give us access to IPs and licenses for 2 products, which is consistent with our strategy of pivoting the business towards product and platform implementations and participating in the banking transformation programmes, Tech Mahindra added. This acquisition will open up other opportunities for Tech Mahindra as a larger partner with FIS across a number of areas, it said.