Financial services company Mastercard will acquire Pune-based Opus Software Solutions subsidiary ElectraCard Services Private (ECS). ECS is a provider of software solutions and processing services for electronic payment and card systems. This transaction is anticipated to close in the second quarter of 2014. MasterCard had earlier in 2010 made a minority investment in ECS. 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.” 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. Its customer base includes financial institutions, retailers and telcos in over 25 countries.
Ramesh Mengawade, chairman Opus Software 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."