Tech Mahindra to acquire Payments Technology Services for Rs 66 cr

IT services major Tech Mahindra on Tuesday said it will acquire Payments Technology Services Ltd (PTSL), a step-down subsidiary of fintech firm FIS, for USD 9 million (about Rs 66 crore).

The acquisition will give Tech Mahindra access to IPs and licenses for two products – Open Payment Framework (OPF) and Multi-Bank System (MBS), a regulatory filing said.

“The acquired capabilities in the payments space will give us access to IPs and licenses for 2 products, which is consistent with our strategy of pivoting the business towards product and platform implementations and participating in the banking transformation programmes,” Tech Mahindra added.