All tagged Transactions Solutions International (TSI) ASX:TSN
Transaction Solutions International Limited (ASX: TSN) has entered into a memorandum of understanding with a subsidiary of Novatti Group Limited with a view to negotiating a formal agreement for the development of a range of innovative mobile and online payment services designed specifically for the burgeoning Indian market. The concept is to provide Indian consumers with an extended range of electronic payment products at a time when India’s growing banking system needs rapid modernisation.
Transaction Solutions International has provided an update to market on its performance in India. ATM transaction volumes for the September quarter exceeded 130 million, up 5.7% QoQ, while revenue was up 2.34% QoQ to A$12 million. Discussions are underway to significantly expand the ATM and security monitoring network. TSI is also progressing option to acquire the remaining 75.11% of TSI India that it doesn't own.
Transaction Solutions International has entered into an Exclusive Option Agreement to purchase the remaining 75% of TSi India, subject to satisfactory completion of due diligence, shareholder approvals and an equity and/or debt raising. The completion payment for the purchase of the balance of TSi India shares is INR 2.44B (A$47.7M). TSi India operates within the highly lucrative Indian ATMs industry and financial technology sector, with an estimated addressable market size of US$10B pa by 2020.
Transaction Solutions International $TSN announced that it is in discussions to acquire the remaining 75.11% equity in TSI India from its private equity JV partner. As such, the Company is pursuing a capital raising to fund working capital activities as well as the potential acquisition.
Transaction Solutions International $TSN announced a new agreement with Indian infrastructure provider, SREI, to completely manage the deployment and operation of up to an additional 9,000 ATMs in India. TSN will identify the sites, deploy and then operate the ATMs including control of the financial transactions. An initial trial of 50 sites will commence immediately, with a larger rollout expected in 2017. If fully implemented, the number of ATMs under TSN's control will increase to 22,000.
Transaction Solutions International $TSN announced completion of a transformational transaction with Mphasis Limited for the operation and management of a further 11,000 ATMs in India, bringing the company's network to 13,000 machines.