IT services major Tech Mahindra recently announced that it is acquiring Payments Technology Services Ltd (PTSL), a step-down subsidiary of fintech firm FIS, for $9 mn. 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.
PTSL is a payments solutions provider with a focus on banking and financial Services (BFS). The company is headquartered in Hong Kong and has approximately 109 employees. Its turnover for the financial year ended December 31, 2019 was $5.4 mn.
"The acquired capabilities in the payments space will give us access to IPs and licenses for two 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.