MasterCard to buy India's ElectraCard Services
19 May 2014 | 6996 views | 0
MasterCard has agreed to buy Indian payments processor ElectraCard Services (ECS) from Opus Software. Financial terms of the deal have not been disclosed.
Founded in 2006, Pune-headquartered ECS provides software products and electronic payment processing services to banks, retailers and telcos in over 25 countries around the world.
MasterCard bought a 12.5% stake in the firm in 2010 and is now set to take the rest, securing turnkey issuing processing, acquiring processing and switching technology.
Vicky Bindra, president, Apac, Middle East and Africa, MasterCard, says: "The acquisition of ECS strengthens our capabilities and enables us to offer a true end-to-end solution for our customers."
The deal is expected to close in the second quarter.