MasterCard Acquires Opus Subsidiary ElectraCard Services
PUNE, India, May 19, 2014 /CNW/ - Pune based Opus Software Solutions ("Opus") today announced that it has entered into an agreement to sell its entire stake in ElectraCard Services Private Limited, ("ECS") to MasterCard Worldwide. Opus specializes in providing IT Services to the Cards and Payments industry and is a technology partner to many large institutions in the payments marketplace.
This transaction is anticipated to close in the second quarter of 2014. MasterCard had earlier in 2010 made a minority investment in ECS.
ECS, based in Pune, India, is a leading provider of software products and processing services for electronic payments. Its customer base includes financial institutions, retailers and telcos in over 25 countries. ECS' suite of products enables 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.
Ramesh Mengawade, Chairman of Opus said: "We have had a strong relationship with MasterCard for many years now and are excited that the ECS team will continue its growth as part of the MasterCard family. Opus plans to grow its IT services business for the card and payments market globally and we will soon be making further strategic announcements."
Commenting on the acquisition, Vicky Bindra, president, Asia/Pacific, Middle East and Africa, MasterCard, said: "The acquisition of ECS strengthens our capabilities and enables us to offer a true end-to-end solution to our customers. ECS's expertise complements MasterCard's products and services, making us an even stronger player in the field of processing and switching. We welcome ECS and its talented team into the MasterCard family, and we look forward to working alongside them."
About Opus Software Solutions
Opus Software Solutions is a specialized and leading provider of technologies, software products and integration services in the payments domain. Its solutions are characterized as adaptable, scalable and change responsive and cater to the demanding needs of the payment industry. Opus has provided solutions for clients in more than 25 countries that deliver millions of sub-second payment transactions and integrate multiple payment channels for seamless service delivery. For more information, please visit: http://www.opussoft.com
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