Hitachi Payment Services to acquire cash management biz of Writer Corp

livemint.com:

Mumbai: Payment solutions provider Hitachi Payment Services on Wednesday said it has entered into an agreement with Writer Corp, a multi-business enterprise, to acquire its cash management business. Writer Safeguard, the cash management business of Writer Corp, has been providing services including ATM cash replenishment and retail cash pick-up services to corporate clients in India since 2001.

It has a network of close to 40,000 touchpoints including ATMs and retail, spanning 25 states across 1,500 locations serviced by a workforce of over 10,000 people. Hitachi Payment Services said in a statement that the acquisition will transform its market standing by integrating the cash management business into its overall service offerings.

It will enable Hitachi Payments to provide comprehensive ATM services to financial institutions, while on the merchant side it would complement Hitachi Payments’ digital offerings, the statement said. Tatsuro Ueda, vice president and executive officer, CEO of financial institutions business unit, Hitachi Ltd said the company is committed to provide future-ready solutions that effectively meet the varied needs of customers, especially in India, where digitalization is progressing rapidly in rural areas.

“This acquisition will enable us to expand our service offerings and further strengthen our position in the Indian market," said Ueda. According to Sumil Vikamsey, managing director and chief executive officer of the cash business, Hitachi Payment Services, said that the acquisition will complement Hitachi Payments’ vision of becoming a leading payments and commerce solutions provider.