MasterCard (NYSE: MA) today announced that it has entered into an agreement with Opus Software Solutions Pvt. Ltd., (“Opus”) to acquire its subsidiary, ElectraCard Services Private Limited, (“ECS”), a leading global provider of software solutions and processing services for electronic payment and card systems. MasterCard previously had a minority investment in ECS. This transaction is anticipated to close in the second quarter of 2014.
ECS, headquartered in Pune, India is a leading provider of software products and processing services for electronic payments. Its customer base includes financial institutions, retailers and telcos in over 25 countries globally. ECS’ suite of products enables customers to issue and manage all types of payment cards and electronically process card transactions across multiple channels such as ATM, POS, internet and mobile.
MasterCard’s acquisition of ECS extends its product offerings and adds to the company’s turnkey issuing processing, acquiring processing and switching solutions.
Commenting on the acquisition, Vicky Bindra, president, Asia/Pacific, Middle East and Africa, MasterCard, said: “The acquisition of ECS strengthens our capabilities and enables us to offer a true end-to-end solution for our customers. ECS’s expertise complements MasterCard’s products and services, making us an even stronger player in the field of processing and switching. We welcome ECS and its talented team into the MasterCard family, and we look forward to working alongside them.”
Ramesh Mengawade, Chairman of Opus said: “We have had a strong relationship with MasterCard for many years now and are excited that the ECS team will be part of MasterCard enabling it to deliver turnkey processing solutions to its customers. Opus will continue its focus on growing its IT services business for the credit and payments market in the North America region.”
Terms of the agreement were not disclosed.