Hitachi Payment Services, a payment solutions provider, said it has entered into an agreement to acquire the cash management business of Writer Corporation, a multi-business enterprise, for an unspecified amount.
Writer Safeguard, the cash management business of Writer Corporation, has been providing comprehensive cash 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.
“The acquisition will transform Hitachi Payments’ market standing by integrating the cash management business into its overall service offerings, positioning it as a one-stop payments and commerce solutions provider,” Hitachi Payment Services said.
Tatsuro Ueda, Vice-President and Executive Officer, CEO of Financial Institutions Business Unit, Hitachi, Ltd. said, “This acquisition will enable us to expand our service offerings and further strengthen our position in the Indian market.”
“Specifically for the merchant ecosystem, we will be able to provide a distinctive value proposition and further drive digital acceptance by becoming a one-stop solution provider, catering to the diverse needs of merchants,” he said.
Sumil Vikamsey, Managing Director & Chief Executive Officer, Cash Business, Hitachi Payment Services, said, “The acquisition of the cash management business of Writer Corporation will complement Hitachi Payments’ vision of becoming a leading payments and commerce solutions provider, offering holistic, reliable and cost-effective solutions across the payments value chain.”
“In line with our overall strategy, the deal creates opportunities for us to broaden our service offerings and provides us a unique position to drive growth and innovation in the Indian payments landscape,” he said.
Dayle de Souza, Managing Director, Writer Business Services, said “We are confident that the transfer to Hitachi Payments will bring new possibilities for this business. We will continue to retain and grow the ATM Managed Services business as a part of the overall service portfolio to our corporate clients.”
