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April 5, 2005

eFunds to acquire India Switch Company

eFunds, a provider of electronic payments and risk management software, is to buy ATM services firm India Switch Company in a deal worth up to $20m.

By CBR Staff Writer

The acquisition will expand eFunds’ market reach in India with the addition of India Switch Company’s (ISC) services, including payments processing technology. The intention is to offer outsourced ATM deployment and management services to banks in 20 Indian cities and two shared interchange networks, CashTree and Bancs, which currently operate on eFunds’ IST payments software.

Noshir Kathok, an EFT industry veteran, has been employed by eFunds to run its business development activities in India.

The existing ISC customers will now have the opportunity to access best-in-class solutions that will contribute positively to building the expanding payments infrastructure in India, said Harish Murthi, chairman of HMA. HMA Group itself will continue to focus on developing businesses in other banking automation areas.

eFunds’ acquisition comes as more and more electronic payments companies are looking to extend their presence in the Indian financial market. Last November Israeli banking software developer Fundtech bought Indian firm CashTech Solutions, a provider of cash management and electronic banking technology, for an estimated total of $7m.

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