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MasterCard acquires Pune-based ElectraCard Services

Press Trust of India  |  New Delhi 

MasterCard today said it will acquire Pune-based electronic payment software firm ElectraCard Services (ECS), which had its systems attacked in a USD 45 million global ATM heist, for an undisclosed amount.

The move will help MasterCard, which previously had a minority investment in ECS, expand its product offerings.

MasterCard entered into an agreement with Opus Software Solutions to acquire its subsidiary, ElectraCard Services, the companies said in a joint statement.

The terms of the transaction, which is expected to close in the second quarter of 2014, were not disclosed.

"The strengthens our capabilities and enables us to offer a true end-to-end solution for our customers. ECS' expertise complements MasterCard's products and services, making us an even stronger player in the field of processing and switching," MasterCard President APAC, Middle East and Vicky Bindra said.

ECS, which provides software products and processing services for electronic payments, has financial institutions, retailers and telcos as customers in over 25 countries.

"Opus will continue its focus on growing its IT services business for the credit and payments market in the North America region," Opus Chairman Ramesh Mengawade said.

ECS had been attacked by a global cyber-crime ring, which broke into the computers of two credit card processors -- one in India in December 2012 and one in the US in February 2013.

They changed the withdrawal limits and available balance in prepaid MasterCard debit cards issued by Bank of Muscat of Oman and National Bank of Ras Al Khaimah of the United Arab Emirates.

About USD 45 million (Rs 247 crore) was withdrawn from ATMs in 27 countries, making it one of the biggest bank heists using modern technology.

First Published: Mon, May 19 2014. 16:25 IST