Actis, a private investment company that invests exclusively in Africa, Asia and Latin America, today announced an investment of $40 million in ATM outsourcing and payments company AGS Transact Technologies Ltd.
AGS manages a network of 10,000 ATMs across India for banking clients. The company has installed in excess of 14,000 ATMs for more than 70 banks in India.
Actis has significant experience in the payments processing sector, having built Emerging Markets Payments Holdings into a pan-continental payments processing business operating across 40 countries in Africa and the Middle East.
"Actis' injection of additional capital builds upon TPG's investment in AGS in June 2011," said Ravi Goyal, founder of AGS. "With two large and leading private equity firms backing the company, we are confident we will continue to maintain our leadership position in the market and our strong relationships with our customers which include leading financial institutions such as Axis Bank, ICICI Bank, HDFC Bank and Yes Bank. In addition, we are excited about our new initiatives in the white labelling and the mobile payments space."
JM Trivedi, Actis Head of South Asia said, "Actis is delighted to back accomplished entrepreneur Ravi Goyal and AGS, a market leader in ATM outsourced services and Retail Automation Solutions, operating at the forefront of an industry expanding at a tremendous pace. We anticipate a mutually beneficial and prosperous partnership with AGS in building a broader payments processing business in India."
For more on this topic, visit the distributor/ISO/IAD research center.