Indian multinational technology conglomerate Tech Mahindra Ltd has said it will acquire Payments Technology Services Ltd (PTSL), a step-down subsidiary of fintech firm FIS, for USD 9 million (about Rs 66 crore). The acquisition will give Tech Mahindra access to IPs and licenses for two products - Open Payment Framework (OPF) and MultiBank System (MBS), a regulatory filing said.

"The acquired capabilities in the payments space will give us access to IPs and licenses for 2 products, which is consistent with our strategy of pivoting the business towards product and platform implementations and participating in the banking transformation programmes," Tech Mahindra added.

This acquisition will open up other opportunities for Tech Mahindra as a larger partner with FIS across a number of areas, it said. The cost of acquisition is USD 9 million and the transaction is expected to close by March 31, 2021, the filing added. Established in March 2007, PTSL is a payments solutions provider with focus on banking and financial Services (BFS). The company is headquartered in Hong Kong and has approximately 109 employees.

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