The acquisition adds to existing payment processing related business that generates a revenue of €845 million for Atos Origin involving 2,800 people.
Atos Origin, French IT services firm, has acquired Mumbai-based Venture Infotek that provides payment processing services on behalf of banks and retailers. The acquisition adds to existing payment processing related business that generates a revenue of €845 million for Atos Origin involving 2,800 people.
The consideration for the all-cash deal, which would be financed through existing credit lines of the French firm, was not disclosed.
The driver for the acquisition is the growing payment transaction opportunity on account of developments such as government’s initiatives on financial inclusion and an increasing financial network of banks, which already have 60,000 branches in the country.
“In India the government has announced its intent to reduce cash transactions by 20% in the next couple of years. We are looking at providing strategically high-tech transactional offerings in India that rides on dedicated data centre, networking and security specifications. To that end Venture Infotek makes a perfect fit,” Milind Kamat, CEO of Atos Origin in India, told DNA.
Atos Origin employs 4,000 people in India including specialised teams in payments solutions. “Venture Infotek will reinforce the group solutions and teams for payments in Asia, as Atos Origin systems are already used by a large number of leading banks in China and in other Southeast Asian countries,” a company statement said.
Venture Infotek which operates in merchant acquiring, card processing, loyalty programmes, government benefits programmes and has 35% market share in the payment processing business, has grown at a rate of 25% over last three years and in 2011 it expects a revenue of €30 million. About 500 people from Venture Infotek will join Atos Origin.
The company will be integrated into Atos Wordline, a specialised entity of Atos Origin in hi-tech transactional services and electronic payments, in order to optimise synergies.
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