US-based NCR Corporation has sold a portion of the assets of its ATM business in Kerala, Bihar, Jharkhand and Lakshadweep to Mumbai-based payment system company Electronic Payment and Services Pvt. Ltd.
Following the acquisition, EPS will be managing more than 11,000 ATMs in India on behalf of banks, the firm said in a statement.
“The deal reiterates EPS’ continued commitment to offer reliable, robust payments services to its customers and reinforces the relationship with its business partners and stakeholders,” said Mani Mamallan, chairman of EPS.
“The decision to sell a significant portion of assets aligns with our vision to focus on software-driven, hardware-enabled growth supported by end-to-end managed services,” said Navroze Dastur, managing director of NCR Corporation India.
NCR Corporation India mainly manufactures and sells ATMs as well as provides software solutions and customer support.
NCR International Inc is the holding company of NCR Corporation India.
Incorporated in 2011, EPS provides ATM operations services to banks, including supply and installation of ATMs.
EPS has deployed over 6,000 ATMs for 26 banks across India.
In 2015, EPS acquired 100% stake in CISB ATM Services Pvt. Ltd. from CIS Bureaus Facility Services Pvt. Ltd.
Intellecap and Trilegal were exclusive advisers to EPS for the transaction while NCR was advised by AZB & Partners.