Master Card acquires Pune based payment solution provider

Global financing company MasterCard has acquired Pune based Opus Software Solutions subsidiary, ElectraCard Services (ECS). Financial details of the deal were not disclosed. Earlier in 2010, Microsoft has also acquired a minority stake (12.5%) in ECS.

This acquisition, will help MasterCard  to extend its product offering and focus on growing its IT services business in credit and payment market. This transaction is expected to close in second quarter of 2014.

ECS, which provides software products and processing services for electronic payment and card systems. It allows customers to issue and manage electronically process card transaction such as internet, mobile, ATM and POS.

The company’s customer portfolio includes electronic payments. financial institutions, retailers and telcos in more than 25 countries.

“The acquisition of ECS strengthens our capabilities and enables us to offer a true end-to-end solution for our customers. ECS’s expertise complements MasterCard’s products and services, making us an even stronger player in the field of processing and switching,” said Vicky Bindra, president, Asia/Pacific, Middle East and Africa, MasterCard.

Recently, ECS has also been attacked by a cyber-crime ring, in which about USD 45 million were withdrawn from ATMs in 27 countries. This attack broke into computers of two credit card processors- one in the US in Feb. 2013 and another one in India in Dec. 2012.

Earlier this year, MasterCard has also acquired firms such as C-SAM Inc., Pinpoint, etc.

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