NTT Data buys majority stake in Atom Technologies

MUMBAI: Japan’s

NTT Data

has signed a deal for acquiring a 55.35% stake in

Atom Technologies

from

63 Moons

(formerly

Financial Technologies

) for $9.2 million. Atom Technologies is a

payments fintech

firm that processes more than 15 crore transactions worth $10 billion across 1.5 lakh merchants. The transaction marks the Japanese company’s entry into the growing Indian payments market and is in keeping with its plans to expand its business presence in South Asia.


NTT Data is one of the largest IT companies globally with revenues of $19 billion. It has a presence across 50 countries and employs 1.2 lakh people. According to a statement issued by the company, its global payments division operates one of the largest operations in this segment in Japan. The Tokyo-headquartered IT giant has already acquired payments companies in Malaysia, Vietnam, Hong Kong and Thailand. This is the second big acquisition in the payments sector by a Japanese company. In 2013, tech giant Hitachi had acquired Prizm Payments Services in a Rs 1,540-crore deal.

Atom Technologies was started in 2005 as part of the Financial Technologies group promoted by Jignesh Shah.

“It is one of the first companies in India to offer online digital payments 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,” said 63 Moons Technologies MD & CEO S Rajendran.

NTT Data senior vice-president Isao Arima said, “We are excited about this deal with Atom, which has substantial presence in both brick-and-mortar and online payments sector in India.”