Japan’s NTT Data buys 55% stake in Atom Tech for $9 million1 min read . Updated: 28 Nov 2018, 09:27 AM IST
Atom Technologies is a payments services firm owned by 63 Moons Technologies, formerly known as FTIL that was founded by Jignesh Shah
Mumbai: Japan’s NTT Data Corp. has agreed to acquire a 55% stake in Atom Technologies Ltd, a payments services firm owned by 63 Moons Technologies, for $9 million. The acquisition is expected to strengthen NTT’s presence in South Asia. Founded by Jignesh Shah, 63 Moons was formerly known as Financial Technologies (India) Ltd.
“We are excited about this deal with Atom, which has a substantial presence in both brick-and-mortar and online payment sector in India," said Isao Arima, senior vice-president at NTT. “We believe the Indian payments market has a huge potential, pillared by consistent economic growth and the government’s strong initiative toward digital payments."
NTT’s payment business in Japan as well as South-East Asia will help Atom offer cross-border payment services to merchants, said Arima, adding that NTT’s customer base and development capability will allow Atom accelerate its growth.
“The company has grown exponentially over the years and has great potential to grow further. In line with the strategy of 63 Moons to exit from the market ecosystem, we were looking for a reliable partner," said S. Rajendran, managing director and chief executive at 63 Moons.
Atom claims to have more than 150,000 customers and has processed more than 150 million transactions through its payment platforms valued at $10 billion per year.
It has more than 250 employees and operates from 25 locations across India.
The company claims to be India’s first company to have created a multi-channel payments platform covering point of sales, online, interactive voice response as well as mobile.
NTT currently has a revenue of $19 billion, with more than 120,000 employees across 50 countries.