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FSS picks up 46 per cent stake in South Africa based Ecentric

Press Trust of India  |  Chennai 

: and transaction processing provider and said it has made a 'strategic investment' in South based Ecentric Systems by acquiring 46 per cent stake.

"FCC has acquired a 46 per cent stake in Ecentric through a combination of primary and secondary investments, with a potential to further its stake holding", city-based said in a statement.

Ecentric, headquartered in South Africa, a subsidiary, is a leading stitching and retail value-added services provider.

Ecentric has a strong presence in domestic and other African markets for its acceptance solutions.

"We are pleased to join Ecentric as an institutional investor in the company. We see the investment as an extraordinary opportunity to achieve a leadership position in the African payments space", Nagaraj Mylandla said.

"The partnership will help us leverage mutual synergies to strengthen our presence in Africa's largest markets and drive increased growth for payment acquiring and other solutions", he said.

Group, and Alliances, said the introduction of FSS as a strategic equity into Ecentric will further cement Ecentric's position as a leading provider of value-added to its clients.

Ecentric said the financial and strategic backing from FSS would help Ecentric accelerate product innovation and grow the business in its home market as well as expand to more countries.

"This backing brings us a step closer to achieving our goal of creating a ubiquitous and universal digital payment acceptance market in the continent", Sheik said.

FSS services global banks, financial institutions, regulators and governments across North America, United Kingdom, Middle East, and APAC.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 11 2019. 19:17 IST