BPO major Genpact today said it will acquire Atyati Technologies, a technology platform provider for the rural banking sector in India, for an undisclosed amount.
The acquisition of Atyati Technologies provides Genpact with a technology platform in the rural banking space with last mile functionality, Genpact said in a statement.
The deal is expected to close in 3-4 weeks, subject to satisfaction of certain customary conditions. Terms of the deal were not disclosed.
Founded in 2006 and backed by India-based VC firm VenturEast, Atyati is based in Bangalore and at present is partnering with six large public sector banks and one private sector bank.
Its platform serves 2.5 million end-customers in 6,500 rural villages, with expected expansion to 9.8 million end customers in more than 16,000 villages by 2013.
Atyati's 60 employees will become Genpact employees and will work with Genpact's India-to-India and Global IT Services business, the statement said.
"This is a very strategic acquisition for three reasons. First, it adds a platform-based solution in a highly underpenetrated and large market...Second, we also add several marquee Indian banks and clients to our portfolio with the ability to cross sell multiple Genpact products and services," Genpact President and Chief Executive N V Tyagarajan said.
It leverages all the latest technology around mobility and biometrics that makes it highly scalable and able to be taken to the global markets, including to micro-finance institutions (MFIs), he added.
Atyati offers a mobility-based technology platform to deliver a complete suite of banking services, including a fully automated and secure banking platform with smart card and biometrics-based authentication capabilities.
It also hosts the solution on a private cloud, so that banks can have the benefit of a totally outsourced service charged on a pay-per-transaction or pay-per-village model, it said.
