MasterCard Acquires Pune Based ElectraCard Services
Pune based ElectraCard Services Private Limited, a wholly owned subsidiary of Opus Software Solutions, has been acquired by Global payment services company MasterCard.
In a press note released today, MasterCard has announced that it has entered into an agreement with Opus Software Solutions of 100% acquisition of ElectraCard. The terms & financials of agreement were not disclosed.
ElectraCard is a leading global provider of software solutions and processing services for electronic payment and card systems. ElectraCard enables financial institutions, retailers, telcos and card companies to manage and process card transactions across multiple channels including ATM, PoS, internet as well as mobile. ElectraCard currently has its portfolio in over 25 countries globally.
According to ElectraCard’s website, they are powered and managed over 200 million cards and 4 billion transactions till date. They have over 100 customers and their software solution powers over 50,000 ATMs worldwide.
The acquisition of ElectraCard will enabled MasterCard to extend its existing offerings and adds to the company’s turnkey issuing processing, acquiring processing and switching solutions.
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 be part of MasterCard enabling it to deliver turnkey processing solutions to its customers. Opus will continue its focus on growing its IT services business for the credit and payments market in the North America region.”
Vicky Bindra, president, Asia/Pacific, Middle East and Africa, MasterCard, said in regards to the acquisition, “The acquisition of ECS strengthens our capabilities and enables us to offer a true end-to-end solution for our customers. ECS’s 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.”