Payments firm EPS to get $35m from Apis

Electronic Payments and Services (EPS), a company that invests in and manages ATM networks, is understood to have signed up with private equity firm Apis Partners to raise around $35 million. The company has also announced acquisition of stake from its joint venture partner CISB with whom it had won a long-term bid to manage over 5,400 ATMs of public sector banks in 2012 Stock Market Trading Tips
A statement issued by EPS said that Apis Partners has agreed for a 'significant' investment which will get it a minority stake and a board representation in the company. Apis Partners is a private equity asset manager focused on financial services in the growth markets of Africa and Asia. The transaction was managed by Intellecap, which acted as the exclusive adviser to EPS on the fund-raise transaction. Earlier private equity investors Aavishkaar, Aavishkaar GoodWell and FMO (Netherlands-based developmental financial institution) invested $20 million in EPS' first three rounds of funding Himanshu Tiwari Astrologer Blog

"We have developed a highly scalable platform and are working to become the leading ATM outsourcing provider in India, where the number of ATMs is expected to grow from approximately 2,30,000 today to 5,50,000 by 2021,. At the same time, EPS' market presence and brand equity in the ATM industry and payments industry is growing at an accelerated rate. We have been very impressed by Apis' expertise and relationships in the sector, both in India and globally, and we are excited to work with Apis on accelerating our expansion," EPS founder Mani Mamallan said. He added that the company was looking at inorganic opportunities to grow its business.

According to sources, Apis has agreed to invest $35 million in EPS with around $25 million being brought in upfront. EPS refused to comment on the size of the investment. The payments company has installed ATMs for 26 banks including State Bank of India, Bank of Maharashtra and Canara Bank, and has deployed over 5,000 ATMs for management across urban, semi-rural and rural locations throughout the country. In 2012, the finance ministry had asked banks to cut costs by entering into long-term outsourcing deals with nine firms to install and manage over 63,000 ATMs Indian stock market astrology prediction

Earlier in the day, EPS had announced its acquisition of the complete stake in CISB ATM Services, from CIS Bureaus Facility Services (CISB), thereby making it a wholly owned subsidiary of EPS. CISB ATM Services was a joint venture between CISB and EPS. The company was set up after EPS, as part of a consortium with CISB supported by the equipment manufacturers NCR Corporation and Vortex Engineering, won the contract for deployment and management of 5,476 ATM machines for a period ending December 31, 2020.

"The investment in EPS is exactly the type of opportunity that drove us to establish Apis - providing catalytic equity capital to highly entrepreneurial financial infrastructure businesses in growth markets, fostering economic growth and enabling greater financial inclusion," said Matteo Stefanel, Apis co-founder and managing partner Commodity Market Astrology Tips