Hitachi Payments to buy Writer Corporation’s cash management business (Lead)

Chennai, July 26 (SocialNews.XYZ) Integrated payment solutions provider Hitachi Payment Services Pvt Ltd will be acquiring the cash management business of Writer Corporation.

The Writer Corporation, under its cash management business, provides cash services, including ATM cash replenishment, and retail cash pick-up services to corporates since 2001.

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, a company statement said.

Both the companies signing the agreement did not disclose the financial details of the transaction.

Sumil Vikamsey, Managing Director & Chief Executive Officer, Cash Business, Hitachi Payment Services, said that the deal creates opportunities for the company to broaden the service offerings and provides a unique position to drive growth and innovation in the Indian payments landscape.

Dayle de Souza, Managing Director, Writer Business Services, said: "We will continue to retain and grow the ATM Managed Services business as a part of the overall service portfolio to our corporate clients."

Writer Safeguard has a network of close to 40,000 touchpoints including ATMs and Retail spanning 25 states across 1,500 locations serviced by a workforce of over 10,000 people. Hitachi Payments is a 100 per cent subsidiary of Japan’s Hitachi Ltd.

The Mumbai-based Writer Corporation is a multi-business enterprise operating in global relocations, information management, ATM & cash management, hospitality, lifestyle, and premium real estate.

Source: IANS