Hyderabad, Nov 27: Tokyo-based NTT DATA, a leading IT services provider, on Tuesday announced that it has entered into an agreement to acquire a majority stake in Mumbai-based Atom Technologies, India’s leading end-to-end payment services, owned by 63 moons technologies.
This earmarks NTT DATA foray into the rapidly expanding Indian payments market and the company aims to strengthen its business presence in the South Asian markets, NTT Data said in a release.
NTT DATA is one of the largest IT companies globally with revenues of 19 billion USD and it has presence across over 50 countries and employs more than 1,20,000 globally.
Its global payments division operates one of the largest payment operations in Japan.
NTT DATA’s foray in the payments market in India is a key strategic decision taken at this 19 billion USD company having a Pan – Asian focus on payments having acquired companies in Malaysia, Vietnam, Hong Kong, and Thailand and is expected to play a pivotal role in its expansion strategy.
Commenting on this development, Isao Arima, Senior Vice President at NTT DATA said Our payment business in Japan as well as South East Asia will help Atom for providing cross-border payment services to their merchants. Moreover, our customer base and development capability will allow Atom to upward its growth-trajectory. We commit on contributing Indian society with better payment services by partnering with Atom.
Even in the recently concluded 13th India-Japan annual summit, the Prime Ministers of both the countries endeavored to further strengthen bilateral economic trades and strived to push a digital partnership wherein leading corporates from both countries could foster a collaborative economic environment.
Atom is India’s first company to have created a multi-channel payments platform covering POS, Online, IVR as well as Mobile. This partnership is a strong endorsement of the rapid strides made by the two countries in the digital sector and will help Atom to leverage NTT DATA’s presence across the globe and emerge as a large global payments entity.
Utilizing NTT DATA’s relationship across the spectrum, Atom aims to further broaden its universe of customers both in India and globally.
63 moons Technologies CEO and Managing Director Rajendran, said it is one of the first companies in India to offer online digital payment services. In line with the strategy of 63 moons to exit from the market ecosystem, we were looking for a reliable partner that would elevate our institution to greater heights.
Mr Rajendran expressing confidence that this partnership will positively benefit Atom Technologies, while it continues to remain a significant shareholder. This association with NTT DATA clearly demonstrates Atom Technologies’ technical prowess, capabilities and more importantly the confidence that market players have in the business practices of 63 moons.
Atom Technologies CEO Dewang Neralla, said, This acquisition endorses the immense value created by Atom and its team across the years. We look forward to greater synergies and to implement NTT DATA’s global learning into the Indian markets and thereby further enhance the payments ecosystem in the country.
Incorporated in 2005 by 63 moons technologies, Atom has become one of India’s leading payment service providers with 1,50,000 plus customers leading merchant tie-ups and has seen more than 150+ million transactions processed through its payment platforms and 10 billion USD volume processed per year.
This acquisition of atom will be subject to all approvals and 63 moons will endeavor to comply with all legal requirements. (UNI)