Japan-based Hitachi has signed a share transfer agreement to buy all the issued equity shares of India-based Prizm Payment Services along with the shares in Winvest Holdings (India), Sequoia Capital, Axis Bank and other minority shareholders.
The transaction, which is subject to the regulatory approvals, is expected to complete by the end of February 2014.
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Hitachi said that it decided to acquire Prizm to accelerate its global development of IT services businesses targeting financial institutions, including ATMs where it has the top share in the Japanese market.
Using Prizm’s customer base, and its technical know-how of cash operations as well as payment and management systems for financial institutions, Hitachi will step up development of IT services business in India and globally.
According to Hitachi, the senior management team of Prizm Payment Services will remain together and be integral to the success of its goals of this acquisition.
Prizm Payment Service managing director, Loney Antony, said: "Being part of the larger Hitachi family provides a unique opportunity to expand our service offerings to customers not just in India but across the globe. Furthermore this deal provides the management team and employees tremendous potential for professional growth."
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