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.
- Agreement with leading Indian listed IT solutions provider, Mphasis Limited
- Previously announced agreement on 3 March 2016 became effective 1 April 2016
- TSI India ATM network now in excess of 13,000 ATM’s under ownership/management
On the 3 March 2016, Transaction Solutions International Limited (“TSN”) announced a transformational agreement signed by TSI India to significantly increase that company’s strong footprint in the emerging Indian market.
TSN and its subsidiaries hold a 24.89% equity interest in TSI India. TSI India’s business model is based on the provision and management of e-transaction solutions to major Indian banks and utility companies.
Under the agreement with Mphasis Limited, TSI India will manage and operate a further 11,000 Automatic Teller Machines (ATMs). The agreement has dramatically increased the number of ATMs that TSI India owns and/or manages from approximately 2,000 to over 13,000.
Mphasis Limited is a leading IT solutions provider with revenues in excess of A$1 billion offering Applications, Business Process Outsourcing (BPO) and Infrastructure services globally through a combination of technology knowhow, domain and process expertise. More information can be found on Mphasis Limited at mphasis.com.
During the month of March, both parties to the agreement completed all tasks and requirements necessary for a smooth handover of operations.
TSN intends to release further information on the operations of TSI India and its expanded network when available.