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Tech Mahindra signs agreement with FIS, to acquire captive unit in Asia

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

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. ....

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