MasterCard on Monday announced that it has entered into an agreement with Opus Software Solutions Pvt Ltd to acquire its subsidiary, ElectraCard Services Pvt Ltd (ECS), a provider of software solutions and processing services for electronic payment and card systems.
This transaction is anticipated to close in the second quarter of 2014. MasterCard previously had a minority investment in ECS.
Headquartered in Pune, ECS is a leading provider of software products and processing services for electronic payments. Its customer base includes financial institutions, retailers and telecom companies 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.
“The acquisition of ECS strengthens our capabilities and enables us to offer a true end-to-end solution for our customers. ECS’ 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,” Vicky Bindra, President, Asia-Pacific, West Asia and Africa, MasterCard said in a statement here.
ECS' customer base includes financial institutions, retailers and telcos in over 25 countries, the statement said.
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.
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 continue its growth as part of the MasterCard family. Opus plans to grow its IT services business for the card and payments market globally and we will soon be making further strategic announcements."