MasterCard Worldwide has taken a 12.5% stake in Pune-based ElectraCard Services (ECS), a provider for credit and payments management. ECS provides third party processing services and software for credit, debit and prepaid cards and EFT switching solutions to banks across 25 countries.
Founded in 2006, ECS is claimed to be the largest third party processor for cards and the market leader in Internet payment gateway solutions.
Cipher Capital was the sole financial advisor for the transaction.
Ramesh Mengawade, CEO, ElectraCard Services, said, “We are very pleased to have MasterCard join us as a strategic partner. Over the past five years, ECS has established a large customer base for our flexible and scalable Electra platform, which we expect will be further adopted in the market as a result of this alliance.”
A Mastercard statement said, "The investment in ECS bolsters MasterCard’s overarching global processing strategy by further extending MasterCard’s product offerings and enhancing services across the full spectrum of the processing value chain not only in India but also in Asia Pacific, Middle East and Africa."