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AGS Transact raises $32 Million from TPG Growth
By siliconindia
Mumbai: AGS Transact Technologies, Mumbai-based ATM outsourcing and systems integration company, raises 
145 crore ($32 million) in private equity funding from TPG Growth. The money raised will help the company fund the ATM outsourcing rollouts on behalf of the banks such as Axis Bank, Corporation Bank, Dena Bank, Ratnakar Bank and Dhanlaxmi Bank.
The financial advisor for the transaction was Avendus Capital. The PE funding for AGS Transact, formerly known as AGS Infotech, comes after the firm filed for an IPO with market regulator SEBI in September last year. For now, the company has put its IPO plan on hold and withdrawn its IPO application from SEBI. Ravi Goyal, Managing Director, AGS, said that YPG has picked up substantial stake without giving details. He said that AGS will also appoint two TPG members on its board.
India has a low penetration of 70 ATMs per million people. The expansion is a strategic initiative for banks. Varun Kapur, partner and Managing Director, TPG Growth said that they expect this to more than double over the next five years. AGS has under contract over 7,000 ATMs under the brown lable ATM outsourcing and managed services model. In addition the company has installed more than 11,000 ATMs for over 70 banks in India.
There are many other players in this space, which includes Chennai's Financial Software and Systems. Mumbai's Prizm Payments and global majors like First Data Corp and Fidelity National Information Service.
145 crore ($32 million) in private equity funding from TPG Growth. The money raised will help the company fund the ATM outsourcing rollouts on behalf of the banks such as Axis Bank, Corporation Bank, Dena Bank, Ratnakar Bank and Dhanlaxmi Bank.
The financial advisor for the transaction was Avendus Capital. The PE funding for AGS Transact, formerly known as AGS Infotech, comes after the firm filed for an IPO with market regulator SEBI in September last year. For now, the company has put its IPO plan on hold and withdrawn its IPO application from SEBI. Ravi Goyal, Managing Director, AGS, said that YPG has picked up substantial stake without giving details. He said that AGS will also appoint two TPG members on its board.
India has a low penetration of 70 ATMs per million people. The expansion is a strategic initiative for banks. Varun Kapur, partner and Managing Director, TPG Growth said that they expect this to more than double over the next five years. AGS has under contract over 7,000 ATMs under the brown lable ATM outsourcing and managed services model. In addition the company has installed more than 11,000 ATMs for over 70 banks in India.
There are many other players in this space, which includes Chennai's Financial Software and Systems. Mumbai's Prizm Payments and global majors like First Data Corp and Fidelity National Information Service.
