Tech Mahindra Limited to acquire 100% in Payments Technology Services Limited

Tech Mahindra Limited has agreed to acquire 100% shareholding of Payments Technology Services Limited. The target entity Payments Technology Services Limited is headquartered in Hong Kong and has approximately 109 employees. Turnover of the Company for the financial year ended 31st December, 2019, was USD 5.4 million.

The Payments Technology Services entity is a stepdown subsidiary of Fidelity Information Services (FIS). 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 programs. This acquisition will open up other opportunities for Tech Mahindra as a larger partner with FIS across a number of areas.

The cost of acquisition will be USD 9 million.

Shares of TECH MAHINDRA LTD. was last trading in BSE at Rs.1065 as compared to the previous close of Rs. 1064.15. The total number of shares traded during the day was 168752 in over 6384 trades.

The stock hit an intraday high of Rs. 1078.5 and intraday low of 1050.3. The net turnover during the day was Rs. 180157759.

Source : Equity Bulls

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