NCR Corporation (NYSE: NCR), a global leader in omnichannel solutions, today announced that it has completed the sale of a significant portion of its assets and related customer contracts in respect of its outsourced ATM business in Kerala, Bihar, Jharkhand, and Lakshadweep to Electronic Payment & Services Pvt. Ltd. (EPS), a leading payment system company headquartered in Mumbai. With this agreement, EPS will be reaching a new milestone by January 2018 to be managing more than 11,000 ATMs in India on behalf of leading banks.
“This deal is strategic to our growth strategy, as it reiterates EPS’ continued commitment to offer reliable, robust payments services to its customers and reinforcing the relationship with its business partners and stakeholders,” said Mani Mamallan, Chairman, EPS. “Not only is EPS the fastest growing, professionally managed Payments System Company, but also now in the league of the most valuable company.”
“The decision to sell a significant portion of our MoF business aligns with our vision to focus on software-driven hardware enabled growth supported by end-to-end managed services,” said Navroze Dastur, managing director, NCR India. “NCR is more focused than ever to innovate and enable the next generation of consumer experiences and productivity gains.”
The country has around 230,000 ATMs and EPS has around 5% of the ATMs in India deployed for various Banks under its portfolio. With this, EPS enters into a new hallmark of being one of the leading MSPs (Managed Service Providers in the country). Intellecap and Trilegal were exclusive advisors to Electronic Payment and Services Private Limited on this transaction while NCR was advised by AZB & Partners.
About EPS
Electronic Payment and Services Private Limited is a leading Payment Systems Company founded in 2011 by veterans with over 150 years of experience in the banking, technology and retail payments industry in India. EPS is headquartered in Mumbai and was launched to address the demand for efficient, secure and technology-driven products and services for the banking industry.
EPS is highly adept at end-to-end Automated Teller Machine (ATM) operations and outsourcing services, as well as a holistic range of ATM Managed Services, enabling banks to concentrate on core banking functions. In addition, EPS provides best-in-class PCI-DSS certified Transaction Switching Solution catering to the demanding security requirements, which is highly reliable and fully EMV Compliant with a high-performance EFT system available in high-volume implementations. EPS has built a firm reputation on delivering results, reliability and dependability, having successfully deployed over 6,000 ATMs for 26 banks in urban and rural locations across India, in support of the Ministry of Finance (Govt. of India) led the mission to drive ‘Financial Inclusion’.
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leader in omnichannel solutions, turning everyday interactions with businesses into exceptional experiences. With its software, hardware, and portfolio of services, NCR enables nearly 700 million transactions daily across financial, retail, hospitality, travel, telecom and technology industries. NCR solutions run the everyday transactions that make your life easier. NCR is headquartered in Atlanta, Ga., with about 30,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries. NCR encourages investors to visit its website which is updated regularly with financial and other important information about NCR.
