)
Chennai-based Financial Software & Systems (FSS) is planning to raise Rs 1,000-1,200 crore through an initial public offer (IPO). The company, backed by Premji Invest and other investors, said the proceeds will be utilised to fund the company’s future growth.
Nagaraj V Mylandla, founder and managing director, FSS said the company is also open to inorganic growth mainly to get market and customer access.
The geographies the company looks for expansion include South Africa, the US, Europe, West Asia and Asia Pacific.
The payments technology and transactions processing provider, in which Wipro Chairman Azim Premji had invested in December 2014, has been valued at around Rs 2,200 crore. Other investors in the company include Jacob Ballas Capital India and New Enterprise Associates. These investors hold nearly 40 per cent of the company.
During the IPO, some of the investors might exit.
FSS is a leading player in electronic payments. The company provides a strategic road map for retail payments initiatives and end-to-end support to leading banks, financial institutions, merchants, governments and other enterprises in the country and other parts of the World. Recently, the company won a deal to supply solutions to a leading US bank.
The company’s portfolio features software products, hosted payment services and software services across retail payments channels such as ATM, POS, internet and mobile.
The $115-million (about Rs 700 crore) company has set a target to touch Rs 1,000 crore in 2015-16, said Mylandla.
The company has over 1,700 employees on its rolls in India, North America, Europe and West Asia.
Nagaraj V Mylandla, founder and managing director, FSS said the company is also open to inorganic growth mainly to get market and customer access.
The geographies the company looks for expansion include South Africa, the US, Europe, West Asia and Asia Pacific.
The payments technology and transactions processing provider, in which Wipro Chairman Azim Premji had invested in December 2014, has been valued at around Rs 2,200 crore. Other investors in the company include Jacob Ballas Capital India and New Enterprise Associates. These investors hold nearly 40 per cent of the company.
During the IPO, some of the investors might exit.
FSS is a leading player in electronic payments. The company provides a strategic road map for retail payments initiatives and end-to-end support to leading banks, financial institutions, merchants, governments and other enterprises in the country and other parts of the World. Recently, the company won a deal to supply solutions to a leading US bank.
The company’s portfolio features software products, hosted payment services and software services across retail payments channels such as ATM, POS, internet and mobile.
The $115-million (about Rs 700 crore) company has set a target to touch Rs 1,000 crore in 2015-16, said Mylandla.
The company has over 1,700 employees on its rolls in India, North America, Europe and West Asia.
The company, which is constantly ranked No 1 or No 2 when it comes to IRCTC payment gateway, said that it is in the process of setting up an integrated server, with its own IP. Instead of going through multiple authentication, customer can go through a simple one authentication process, explained Mylandla.
