Hitachi Payments Services on Wednesday announced that it will acquire rival Writer Corporation's cash management business for an undisclosed amount.
The Mumbai-based Writer will retain the ATM-managed services business, where it will continue to compete with Hitachi and others, Writer Business Services' managing director Dayle de Souza said.
Writer's cash management business is over two decades old and has a workforce of over 10,000 people at 1,500 locations in 25 states, who service 40,000 touchpoints, including automated teller machines.
In a statement, Hitachi said the acquisition will transform its market standing to provide comprehensive ATM services to financial institutions, while on the merchant side, it would complement its digital offerings.
"This acquisition will enable us to expand our service offerings and further strengthen our position in the Indian market," Hitachi's financial institutions business unit chief executive Tatsuro Ueda said.
The deal creates opportunities for Hitachi to broaden service offerings and drive growth and innovation in the Indian payments landscape, Hitachi Payment Services' managing director and chief executive Sumil Vikamsey said.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
