MUMBAI, January 10, 2018 – NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions, today announced that it hascompleted the sale of a significant portion of its assets and related customer contracts in respect of its MoF (Ministry of Finance) outsourced ATM business in Kerala, Bihar, Jharkhand and Lakshadweep to Electronic Payment & Services Pvt. Ltd. (EPS), a leading payment system company headquartered in Mumbai. With this agreement, EPS will be reaching a new milestone by January 2018 to be managing more than 11,000 ATMs in India on behalf of leading banks.
“This deal is strategic to our growth strategy, as it reiterates EPS’s continued commitment to offer reliable, robust payments services to its customers and reinforcing the relationship with its business partners and stakeholders,” said Mani Mamallan, Chairman, EPS. “Not only is EPS the fastest growing, professionally managed Payments System Company, but also now in the league of the most valuable company.”
“The decision to sell a significant portion of our MoF business aligns with our vision to focus on software driven hardware enabled growth supported by end-to-end managed services,” said Navroze Dastur, managing director, NCR India. “NCR is more focused than ever to innovate and enable the next generation of consumer experiences and productivity gains.”
Intellecap and Trilegal were exclusive advisors to Electronic Payment and Services Private Limited on this transaction while NCR was advised by AZB & Partners.
Electronic Payment and Services Private Limited (www.electronicpay.in) is a leading Payment Systems Company founded in 2011 by veterans with over 150 years of experience in the banking, technology and retail payments industry in India. EPS is headquartered in Mumbai, and was launched to address the demand for efficient, secure and technology driven products and services for the banking industry.
EPS is highly adept at end-to-end Automated Teller Machine (ATM) operations and outsourcing services, as well as a holistic range of ATM Managed Services, enabling banks to concentrate on core banking functions. In addition, EPS provides best-in-class PCI-DSS certified Transaction Switching Solution catering to the demanding security requirements, which is highly reliable and fully EMV Compliant with a high-performance EFT system available in high-volume implementations.
EPS has built a firm reputation on delivering results, reliability and dependability, having successfully deployed over 6,000 ATMs for 26 banks in urban and rural locations across India, in support of the Ministry of Finance (Govt. of India) led mission to drive ‘Financial Inclusion’.