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eFunds to acquire India Switch
By siliconindia
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Wednesday, 06 April 2005, 19:30 IST
CHENNAI:eFunds International India Pvt Ltd, a subsidiary of eFunds Corporation has said that it would acquire the India Switch Company (ISC).
ISC offers managed services for bank ATMs and payments processing services. The initial cash purchase price is $17.5 million.
Scottsdale, Arizona based eFunds India said that an additional payment "may be made approximately in one year following the closing if the business achieves certain revenue objectives during that period." The maximum amount payable in this regard is $2.5 million, it added.
ISC has 273 ATMs as part of its network and oversees about 200 transactions per day per ATM in its network. About 65 employees would move along with ISC to the eFunds stable.
eFunds India employs in excess of 4,000 people at its centers in Gurgaon, Mumbai and Chennai. Eighty percent of the work done out of these centers is transaction and voice processing to companies outside the group in the area of financial services, retail and telecom. The ISC acquisition is its first initiative in the Indian market.