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MasterCard buys stake in Pune IT firm

MasterCard buys stake in Pune IT firm
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First Published: Thu, Sep 30 2010. 11 28 PM IST
Mumbai: MasterCard Inc., which electronically processes non-cash payments worldwide, has bought a 12.5% stake in Pune-based software solutions and payments management firm ElectraCard Services Pvt. Ltd(ECS).
This is the first such deal in India for the world’s second largest payment firm, and its second globally this year after it acquired European payment service provider DataCash Group Plc for $520 million (Rs 2,334.8 crore) in August.
MasterCard president and chief executive Ajay Bangadeclined to specify the value of the deal as the firm has not yet informed the New York Stock Exchange. “The investment in ECS bolsters MasterCard’s overarching global processing strategy by further extending MasterCard’s product offerings...,” the company said.
ECS handles six million transactions per month, servicing clients such as ICICI Bank Ltd, Deutsche Bank AGand State Bank of India.
“Seven out of 10 card and e-commerce transactions are done through us now and this preferred processing agreement with MasterCard will give us global expertise and new clients in the Middle East and Africa,” said ECS chairman and chief executive Ramesh Mengawade.
Bloomberg contributed to this story.
joel.r@livemint.com
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First Published: Thu, Sep 30 2010. 11 28 PM IST