MasterCard has agreed to acquire ElectraCard Services (ECS), an Indian electronic payments subsidiary of Opus Software Solutions, for an undisclosed amount.
ECS is a provider of software products and processing services for electronic payments which enable its customers to issue and manage all types of payment cards and electronically process card transactions across multiple channels such as ATM, POS, internet and mobile.
Vicky Bindra, president of Asia/Pacific, Middle East and Africa (APMEA) at MasterCard, commented: "The acquisition of ECS strengthens our capabilities and enables us to offer a true end-to-end solution for our customers.
"ECS’ expertise complements MasterCard’s products and services, making us an even stronger player in the field of processing and switching."
Founded in 2006, ECS has a customer portfolio that includes financial institutions, retailers and telcos in over 25 countries.
Ramesh Mengawade, Opus’ chairman, 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."
The acquisition is expected to close in the second quarter of 2014.
In 2010, MasterCard invested an undisclosed amount to acquire 12.5% stake in ECS, thus extending its offering across India but also the whole APMEA region.
At the time, TV Seshadri, general manager of MasterCard Worldwide in South Asia, said that this investment was "certainly one of the key milestones in the roll out of MasterCard’s global processing strategy."
Earlier this year, MasterCard acquired C-SAM, a mobile transactions technology provider deployed in India, Japan, Mexico, Singapore, the United States and Vietnam.