M&A
Hitachi Payments acquires cash mgmt business of Writer Corp
Chennai-based Hitachi Payment Services, a 100% subsidiary of Japan-based Hitachi, has acquired Mumbai-based Writer Safeguard Pvt Ltd, the cash management business of Writer Corporation. Houlihan Lokey acted as exclusive financial advisor to Hitachi Payment Services on this transaction. Writer Safeguard has been providing cash services including ATM cash replenishment and retail cash pick-up services to corporate clients in India since 2001. It has a network of close to 40,000 touchpoints spanning 25 states across 1,500 locations serviced by over 10,000 people. The acquisition will enable Hitachi Payments to provide comprehensive ATM services to financial institutions, while on the merchant side it would complement Hitachi Payments' digital offerings.
From the Venture Intelligence Private Company Financials Database: For FY22, Writer Safeguard had reported about INR 123 Cr in Operating Income. (Subscribers to the database can login to view the detailed financials.)
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