TSI grows Indian portfolio

Perth-based Transaction Solutions International looks set to increase its network in India after a company it holds a stake in reached an agreement today.

TSI India, an Indian ATM management and financial services company, has executed an agreement to increase its footprint in India by expanding its ATM management network from about 2,000 to over 13,000 ATMs.

Transaction Solutions, which owns a 24.9 per cent stake in TSI, said today the agreement was with one of India’s top 10 largest and leading information technology companies.

“The agreement will extend TSI India’s scope and capability to fully manage ATM networks across India,” Transaction Solutions said in a statement.

“By the agreement, TSI will operate from two managed services and support delivery centres, significantly enhancing the end-to-end management of ATMs, bill pay kiosks, e-surveillance and power management deployments on a pan-India basis.

“These two centres will provide underlying capacity to grow operations on an organic and inorganic basis which TSI is actively pursuing.”

TSI’s current business model is based on the provision of ATMs and bill payment solutions to Indian banks and utility companies.

Transaction Solutions shares were unchanged at 2.2 cents each at the close.