Read more about Tech Mahindra gains on acquiring Hong Kong-based payments solutions provider on Business Standard. Tech Mahindra rose 0.90% to Rs 1073.75 after the company said that it has agreed to acquire 100% shareholding of Payments Technology Services for a cash consideration of $9 million.
Bharti Airtel: The company, on Tuesday, said it is initiating the process to revise its foreign investment limit to 100 per cent with immediate effect.
Tata Elxsi: Tata Elxsi s net profit increased 39.5 per cent year-on-year (YoY) to Rs 105.2 crore for the December 2020 quarter.Its revenue from operations rose 12.7 per cent YoY to Rs 477.1 crore for the quarter.
Tata Motors: The firm reported a 1 per cent rise in global wholesales, including Jaguar Land Rover, to 2,78,915 units in the third quarter of the current fiscal.
Tech Mahindra: The company will acquire Payments Technology Services for $9 million. The acquisition will give Tech Mahindra access to IPs and licenses for two products - Open Payment Framework (OPF) and Multi-Bank System (MBS).
Tech Mahindra signs agreement with FIS, to acquire captive unit in Asia
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Last Updated: Jan 12, 2021, 07:14 PM IST
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As part of the agreement, Tech Mahindra will buy FIS subsidiary Payments Technology Services for $9 million.
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Tech Mahindra today announced a professional services agreement with FIS to scale its enterprise payments and banking capabilities.
The company will acquire Payments Technology Services, a subsidiary of FIS, for $9 million as part of the agreement. Based in Asia, Payments Technology Services is a payments solutions provider focused on the banking and financial services industries.
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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.