Hitachi to acquire Prizm

As part of plans to grow revenues in India by nearly three times to about $2.95 billion by 2015-16 fiscal.

Japanese firm Hitachi, on Tuesday, said it would acquire Prizm Payment Services as part of plans to grow revenues in India by nearly three times to about $2.95 billion by 2015-16 fiscal.

Hitachi, which did not disclose the financial details of the deal to buy the Indian company, said the transaction was expected to be concluded by February next year.

Hitachi said in a statement that it had “entered into share transfer agreements relating to all the issued equity shares of Prizm Payment Services with all the company’s shareholders, including Winvest Holdings (India) Pvt. Ltd., Sequoia Capital, Axis Bank and other minority shareholders”.