Atos Origin eyes Indian payments market with Venture Infotek acquisition

Atos Origin eyes Indian payments market with Venture Infotek acquisition

Atos Origin has acquired Indian payments processor Venture Infotek, as it bids to expand its interests in one of the world's fastest-growing payments markets.

Created in 1991, Venture Infotek operates in merchant acquiring, card processing, and loyalty and government benefits programmes on behalf of the Indian banks and major retailers.

The company, which claims a 35% share of the Indian payments market, expects revenue of EUR30 million for 2011, in line with year-on-year growth of 25% per annum over the past three years. Venture Infotek employs almost 500 staff and claims six out of the top ten Indian banks as clients

The French IT services group says the Indian payments industry remains at an early growth stage, with penetration rates still low for bank cards and a government committed to reducing the cash economy and encouraging card usage.

Venture Infotek will be integrated in to Atos Wordline, the group's transaction processing arm.

Financial terms of the all-cash transaction were not disclosed.

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