NTT DATA to acquire a majority stake in Atom Technologies owned by 63 moons
Deepthi | Myequity news | Date : 27-11-2018 12:25:00 IST
NTT DATA, a leading IT services provider, headquartered in Tokyo, has entered into an agreement to acquire a majority stake in 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’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. Mr. Rajendran
Commenting on this development, Isao Arima, Senior Vice President at NTT DATA said “We are excited about this deal with Atom, which has substantial presence in both brick-and-mortar and online payment sector in India. Also appreciate 63 moons as it has been supporting Atom for building the business and has accepted the deal. We believe Indian payment market has huge potential, pillared by consistent economic growth and the government’s strong initiative toward digital payments. 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.
Mr. Rajendran, MD & CEO of 63 moons technologies said “Atom Technologies, is one of the pioneering institutions of 63 moons started in 2005 and has been part of the Group’s ecosystem. It is one of the first companies in India to offer online digital payment services. 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 that would elevate our institution to greater heights.”
further stated that 63 moons has been fortunate in identifying NTT DATA as a partner which is a part of the NTT Group, a Fortune 100 company and 63 moons is confident 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. Dewang Neralla, CEO, Atom Technologies
said, “It gives me great delight to announce the deal with NTT DATA. At Atom, it has always been our endeavor to offer world-class payment services to our customers and our association with NTT DATA will help us evolve into our next phase. 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.”
This acquisition of atom will be subject to all approvals and 63 moons will endeavor to comply with all legal requirements. About Atom Technologies:
Atom Technologies Ltd. is a Mumbai headquartered leading payments service provider focused on creating an end-to-end payments ecosystem over Internet, IVR, mobile and point-of-sale through online and offline platforms. Incorporated in 2005, the company currently manages an array of customers from e-tail, retail, government, utility, BFSI, DTH, education, entertainment, travel and tourism, telecom among others. The company as on date processes more than 150+ million transactions worth USD 10 billion across a merchant population of over 1,50,000. About 63 Moons Technologies:
63 moons technologies limited (formerly Financial Technologies (India) Ltd.) is a world leader in providing next-generation technology ventures, innovations, platforms, and solutions for creating digital markets and marketplaces that enable price discovery and transaction efficiencies across industry segments.
About NTT DATA:
NTT DATA is one of the largest IT companies globally with revenues of 19 billion USD*. 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.