3i Infotech to buy biz from JP Morgan Treasury

NEW DELHI: IT solutions firm 3i Infotech today said it has agreed to buy J P Morgan Treasury Services' national retail lockbox business (NRLB) to expand capacity and capabilities of its unit Regulus.

"Virtually all NRLB employees have been offered positions with Regulus, which will process more than 700 million payments annually after the deal," 3i Infotech said in a statement.

Financial details of the deal were not disclosed. Regulus, a 3i Infotech's subsidiary, is currently the largest outsourced remittance processing provider in the US.

"We're excited about partnering with JP Morgan Treasury Services on a deal that enables both organisations to align their respective core business processes," 3i Infotech CEO and President (North America) Kathy Hamburger said.