NCR Corporation has completed the sale of a significant portion of its assets and related customer contracts in respect of its outsourced ATM business in Kerala, Bihar, Jharkhand and Lakshadweep to Electronic Payment & Services Pvt. Ltd. (EPS), a leading payment system company headquartered in Mumbai. With this agreement, EPS will be reaching a new milestone by January 2018 to be managing more than 11,000 ATMs in India on behalf of leading banks.
“This deal is strategic to our growth strategy, as it reiterates EPS’s continued commitment to offer reliable, robust payments services to its customers and reinforcing the relationship with its business partners and stakeholders,” said Mani Mamallan, Chairman, EPS. “Not only is EPS the fastest growing, professionally managed Payments System Company, but also now in the league of the most valuable company.”
“The decision to sell a significant portion of our MoF business aligns with our vision to focus on software driven hardware enabled growth supported by end-to-end managed services,” said Navroze Dastur, managing director, NCR India. “NCR is more focused than ever to innovate and enable the next generation of consumer experiences and productivity gains.”
The country has around 230,000 ATMs and EPS has around 5% of the ATMs in India deployed for various Banks under its portfolio. With this, EPS enters in to a new hallmark of being one of the leading MSPs (Managed Service Providers in the country).
Intellecap and Trilegal were exclusive advisors to Electronic Payment and Services Private Limited on this transaction while NCR was advised by AZB & Partners.