Payments Company EPS Raises Investment from Apis Partners

Electronic Payments and Services (EPS), a company that invests in and manages ATM networks, has entered into a partnership with private equity firm Apis Partners to raise around $35 million. The company has also announced acquisition of stake from its joint venture partner CISB with whom it had won a long-term bid to manage over 5,400 ATMs of public sector banks in 2012.


According to EPS, Apis Partners has agreed for a ‘significant’ investment which will get it a minority stake and a board representation in the company. Apis Partners is a private equity asset manager focused on financial services in the growth markets of Africa and Asia. The transaction was managed by Intellecap, which acted as the exclusive adviser to EPS on the fund-raise transaction. Earlier private equity investors Aavishkaar, Aavishkaar GoodWell and FMO (Netherlands-based developmental financial institution) invested $20 million in EPS’ first three rounds of funding.

“We have developed a highly scalable platform and are working to become the leading ATM outsourcing provider in India, where the number of ATMs is expected to grow from approximately 2,30,000 today to 5,50,000 by 2021,. At the same time, EPS’ market presence and brand equity in the ATM industry and payments industry is growing at an accelerated rate. We have been very impressed by Apis’ expertise and relationships in the sector, both in India and globally, and we are excited to work with Apis on accelerating our expansion,” EPS founder Mani Mamallan said. He added that the company was looking at inorganic opportunities to grow its business.

Previously, EPS had announced its acquisition of the complete stake in CISB ATM Services, from CIS Bureaus Facility Services (CISB), thereby making it a wholly owned subsidiary of EPS. CISB ATM Services was a joint venture between CISB and EPS. The company was set up after EPS, as part of a consortium with CISB supported by the equipment manufacturers NCR Corporation and Vortex Engineering, won the contract for deployment and management of 5,476 ATM machines for a period ending December 31, 2020.

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