acquires Prizm Payment Services.
Hitachi, Ltd. has announced that it has entered into share transfer agreements relating to all the issued equity shares of Prizm Payment Services Pvt Ltd.
Prizm Payment Services is a provider of payment services using ATMs and POS systems to banks and financial institutions in India.
Hitachi and Prizm Payment Services will target the end of February 2014 for a completion of the share transfer, in accordance with the terms of the agreements and subject to the regulatory approvals required to consummate the transaction.
Hitachi sees India as an important region in its global strategy and is stepping up development of the Hitachi Group’s Social Innovation Business in the country. Hitachi aims to grow revenues in India by nearly 3 times by March, 2016.
“Hitachi is extremely delighted to conclude the share transfer agreement on amicable terms to acquire Prizm Payment Services with the aim of accelerating the Hitachi Group’s development of the Social Innovation Business.” Mr. Hiroaki Nakanishi, President of Hitachi, Ltd. remarked “Hitachi is endeavoring to strengthen IT services businesses in the fast-growing Asian region in particular. Having Prizm Payment Services as Hitachi family, we believe that we can create new value together by wedding the company’s strong customer base and payment service and other know-how in India, with Hitachi’s IT expertise and strive to expand the Hitachi Group’s IT services business in India and globally.”
Mr. Loney Antony, Managing Director, Prizm Payment Service, said “By becoming a member of the Hitachi Group, we are excited to capture synergies from the combination of Prizm Payment Services’ robust customer base and know-how in India, and the Hitachi Group’s expertise in IT services for financial institutions built up in Japan and around the world as well as its advanced technological capabilities, including cash recycling ATMs. Being part of the larger Hitachi family provides a unique opportunity to expand our service offerings to customers not just in India but across the globe. Furthermore this deal provides the management team and employees tremendous potential for professional growth.”
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