Vortiv settles buyout of electronic payments technology provider TSI India
Vortiv Limited said that it has settled the agreement to buy out the remaining 75% stake in Transaction Solutions International (India) or in short TSI India from Urania Private Limited and AAJV Investment Trust.
Both Urania and AAJV Investment Trust are investment vehicles of Vortiv’s former joint venture partner, CX Partners.
The acquisition has been wrapped up now after satisfying preceding conditions such as legal and regulatory approvals, said Vortiv, which is an ASX listed technology investment company.
Vortiv has had a stake in TSI India since 2005. TSI India is an electronic payments technology provider, which owns and services more than 16,000 ATMs in India.
The key management of TSI India will have a 10% ownership in the company, while Vortiv owns the remaining stake of 90%.
Nicholas Smedley — Vortiv Chairman said: “I am delighted the Company has satisfied this final milestone in the acquisition. I look forward to working with the management team of TSI India.
“This is a significant step for Vortiv Limited in its plans to grow its fintech payments business, through new contracts, technological development and the economies of scale achievable from TSI’s operating model.”