Japanese technology company Hitachi has acquired Prizm Payment Services, a Chennai based ATM & POS system provider backed by Sequoia Capital, Axis Bank and Winvet Holdings.

The two companies are looking to complete the transaction by the end of February 2014. Prizm employs about 1,100 people and reported Rs 500 cr in revenues at the end of March 2013.

Hitachi, which began operations in India in 1930, wants to grow its revenues in the country by nearly 3 times to 300.0 billion yen by the fiscal year ending March 31, 2016.

We are likely to see more acquisitions from Hitachi in India as it looks to strengthen its businesses in the areas of information & telecommunication, social innovation and services.

The company is keen on developing its presence in the Indian IT market. Hitachi will step up development of IT services business in India and globally, the company said.

Hitachi said in a statement:

ATMs in particular are estimated to nearly triple in number in 4 years from around 100,000 in 2012.

In May 2012, Hitachi acquired eBworx Berhad, a Malaysia-headquartered financial IT solutions company which is into Internet and mobile banking systems, credit management systems and other systems for major banks in Malaysia and Singapore.

Newsletter

Hello World.

NextBigWhat brings you well curated wisdom, news and actionable insights.

In a world where algorithms are deciding what you read (and learn), we bring a holistic view on product and growth – curated by the experts, enabling you to learn from the knowledgable sources and save time in discovering them.