CMS Info Systems has announced its decision to acquire the underlying operating assets of the ATM Management solutions business from Financial Software and Systems Private Ltd (FSS). The acquisition includes the novation of customer contracts and involves approximately 8,000 ATMs.
The Board of Directors at CMS Info Systems has approved this strategic acquisition, which is valued at up to ₹115 crores. This move is part of the company’s efforts to expand its footprint in the ATM management sector. The acquisition does not involve any shareholding in FSS, and the transaction is not classified as a related party transaction, ensuring it is conducted at arm’s length.
The agreement with FSS does not entail any issuance of shares or appointment of nominees to the board of directors of CMS Info Systems. Additionally, there are no potential conflicts of interest arising from this agreement.
This acquisition aligns with CMS Info Systems’ strategic objectives to enhance its service offerings and strengthen its position in the financial services sector.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Yash Agarwal and reviewed by Aman Shukla before publication.