Posiflex picks up 51% in Protocol Solutions

Taiwan-based Posiflex Technologies today said it has acquired 51 per cent stake in Protocol Solutions, a point of sales hardware distributor located in Bangalore.

Posiflex, the point of sales hardware solution provider, will invest $10 million over the next 3-5 years, which include cost of acquisition, setting up of R&D team in India, strengthening marketing and channel partners as well as an option of starting an assembly line.

"We saw great potential in the Indian market and decided to enter India by acquiring a majority stake in Protocol Solutions," Posiflex Technology Chief Executive Officer Owen Chen said.

POS hardware refers to the billing machines at retail outlets. Post the deal, Protocol Solutions will now be called Posiflex India.

 

"With hundreds of malls that are projected to open in the coming years, the sector is expected to invest around $500 million in retail technology service solutions in the current financial year," he said.

The market is expected to go up to $1.26 billion in the next 4-5 years, Chen added.

"We have worked with Posiflex and have been instrumental in making the product second largest in India with over 20 per cent market share," Protocol Solutions Director Baskar said.