PayCommerce announced today that it has completed a share purchase transaction to acquire the US subsidiary of Akshay Software Technologies Limited, India, Akshay Software International, Inc.
Additionally, it was announced that the staff of the parent in India dedicated to the payments business will be joining PayCommerce as part of the transaction process. PayCommerce with this acquisition will establish the Akshay team as PayCommerce's SWIFT center of excellence and solution offerings, both stand-alone and integrated with various PayCommerce solutions.
The business will continue to be managed under the Akshay US senior executive with the same team and alliance partners.
Mr. Abdul Naushad, CEO of PayCommerce, stated, "I welcome the Akshay team to PayCommerce. We are excited at adding SWIFT technology and Akshay’s expertise to our payments solutions portfolio. Adding SWIFT to our own payment network has been a critical part of our business strategy and the Akshay acquisition completes this part of our business plan. I look forward to meeting with Akshay clients as we complete our integration process."
The acquisition is a divestment of the US subsidiary by Akshay Software Technologies Limited, an India based IT services company. Mr. Anant, C.V., Chairman of Akshay Software Technologies Limited, the parent company, stated, "Akshay, with MAS as advisor undertook a lengthy process to explore strategic partners for the U.S. based payments business. After multiple international partners expressed interest and explored the potential relationship with us, we selected PayCommerce as the optimum partner for the future of the Akshay US payments business focused on the SWIFT Service Bureau and related services."
Mr. B.V. Venkat, the senior executive of the Akshay US operation joining PayCommerce, commented, "PayCommerce as a business focused on payments platforms and technology for financial and non-financial institutions across retail and institutional market segments is an incredible opportunity for Akshay clients and staff. Akshay USA has become a business unit of PayCommerce. The Akshay high level of service will continue to our clients but with the opportunity to expand solutions and services as well.” Venkat also added, “We have appreciated for many years the support of Akshay India for the US based payments business. Now we become part of a larger and well capitalized entity whose vision and scope of operations are payments centric and payments related.”
MAS of Spring Lake, NJ were the strategic advisor to Akshay on the transaction. Mr. Paul Mahady, President of MAS, stated, “Akshay USA is an excellent strategic and cultural fit for PayCommerce. Both companies are customer centric in their solution structuring, services delivery, and orientation to customer satisfaction. This transaction meets the needs of both of the parties and yet continues the ”high level of customer servicing”.