Source:Business Wire India
Electronic Payment And Services (P) Ltd. or EPS announced its acquisition of the complete stake in CISB ATM Services Pvt. Ltd., from CIS Bureaus Facility Services Pvt. Ltd. (CISB), thereby making it a wholly-owned subsidiary of EPS.
In 2012, the CISB-led consortium had bagged the Ministry of Finance contract to install and manage ATMs for 26 banks across Maharashtra Circle. CISB ATM Services Pvt Ltd. was thereafter set up as a joint venture between CISB and EPS to execute the contract.
Speaking on this, Mr. Mani Mamallan, Founder, Chairman & Managing Director of Electronic Payment And Services (P) Ltd. said, “It is a great moment as we witness such growth which would not only be a milestone set but also a huge boost to EPS. This transaction brings EPS closer to our clientele, strengthens our business relationships and expands its participation in higher growth segments. The subsidiary will focus on ATM deployment and related services and we endeavour to expand our ATM services portfolio to 15,000 machines by 2017 to support banks in reaching the unbanked with our fully integrated and transformative portfolio of ATM services and solutions. This strategic decision opens doors for fresh business objectives, newer initiatives and innovative payment solutions thus catering to expanding banking needs on a national level,” he added.
Mr. K. N. Pimple, Managing Director of CISB, said, “The Ministry of Finance contract for ATM deployment in Maharashtra cluster is quite prestigious and the successful completion of the contract is remarkable. With the expertise and learning gained, CISB will continue to pursue growth opportunities around its core business skills and relationships with clients in the banking space. Going ahead, clients would prefer service providers offering cohesive, broad-based services and CISB would now be well-positioned to cater and deliver strategic value to such discerning clients.”
EPS is a leading retail banking technology and ATM services provider, which manages and operates ATMs of most of the leading public sector banks in India. With over 5000 ATMs deployed across the nation, EPS also specializes in centralized ATM managed services, thus catering to business objectives of the banks. The takeover is the next step in the transformation of EPS’s market presence and brand equity in the ATM industry with financial services growing at an accelerated rate. With this approach, EPS would be able to penetrate the untapped potential of semi-urban and rural India under the ‘Financial Inclusion’ plan initiated by the Ministry of Finance, thus catering to the omnichannel services offered by banks.