Japan’s NTT acquires Majority Stake in Atom Technologies, India
NTT DATA has announced that it has entered into an agreement to acquire a majority stake in Atom Technologies, a payment services owned by 63 moons technologies in India. NTT will invest US$ 9.24 million for a 55.35 per cent stake in Atom and US$ 1.5 million in primary equity for a 60 percent holding in the company.
NTT’s global payments division operates one of the largest payment operations in Japan. Atom is expected to leverage NTT DATA’s presence across the globe. Utilising NTT DATA’s relationship across the spectrum, Atom aims to further broaden its spectrum of customers both in India and globally.
“We are excited about this deal with Atom, which has substantial presence in both brick-and-mortar and online payment sector in India. Also appreciate 63 moons as it has been supporting Atom for building the business and has accepted the deal. We believe Indian payment market has huge potential, pillared by consistent economic growth and the government’s strong initiative toward digital payments. Our payment business in Japan as well as South East Asia will help Atom for providing cross-border payment services to their merchants. Moreover, our customer base and development capability will allow Atom to upward its growth-trajectory. We commit on contributing Indian society with better payment services by partnering with Atom,” said Isao Arima, Senior Vice President at NTT DATA.
NTT DATA’s foray in the payments market in India is a strategic decision which will play a pivotal role in its expansion strategy in the region. The company has also acquired companies in Malaysia, Vietnam, Hong Kong, and Thailand in line with its Pan — Asian focus on payments.
“Atom Technologies, is one of the pioneering institutions of 63 moons started in 2005 and has been part of the Group’s ecosystem. It is one of the first companies in India to offer online digital payment services. The company has grown exponentially over the years and has great potential to grow further. In line with the strategy of 63 moons to exit from the market ecosystem, we were looking for a reliable partner that would elevate our institution to greater heights,” said Rajendran, MD & CEO of 63 moons technologies.
“This acquisition endorses the immense value created by Atom and its team across the years. We look forward to greater synergies and to implement NTT DATA’s global learning into the Indian markets and thereby further enhance the payments ecosystem in the country,” said Dewang Neralla, CEO, Atom Technologies.
Incorporated in 2005 by 63 moons technologies, Atom claims to have 150,000 plus customers, 150+ million transactions processed through its payment platforms and 10 billion USD volume processed per year. It has more than 250 people and operates from 25 locations across India. 63 moons technologies limited was formerly Financial Technologies (India) Ltd.
NTT DATA is one of the largest IT companies globally with revenues of 19 billion USD.
