Tech Mahindra is planning to acquire Payments Technology Services Limited. The company is headquartered in Hong Kong and has approximately 109 employees.
Payments Technology Services Limited was established in March 28, 2007 and is a payments solutions provider with a Banking and Financial Services (BFS) focus. The turnover of PTSL for the financial year ended 31st December, 2019, was USD 5.4 million.
The entity is a stepdown subsidiary of Fidelity Information Services (FIS). The acquired capabilities in the payments space will give Tech Mahindra access to IPs and licenses for 2 products, which is consistent with its 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 is USD 9 million and the transaction is expected to close by 31st March, 2021.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.