CMS Info Systems acquires Securitrans India

MUMBAI: IT company CMS Info Systems today announced acquisition of cash management services company Securitrans India (SIPL) for an undisclosed amount.

SIPL services include ATM management, end-to-end currency chest operations and inter-branch currency transit for all major commercial banks. It has a pan-India presence with 120 branch offices, service delivery in 900 locations and team of 7,000 employees.

The company did not disclose the financial details. "This acquisition will help us expand our reach to more than 2,100 towns in India and the combined entities will have a 55 per cent share of the market and manage 35,000 ATMs," Executive Vice Chairman and CEO of CMS Rajiv Kaul said in a statement.