“..this was part of a larger group restructuring, ahead of its proposed Initial Public Offer. BCCL had got investment bank UBS to advise it on finding a strategic buyer for the business. The talks have been on for a while and the formal announcement is due within the next fortnight. The sources added the business was currently valued at around Rs 700 crore and BCCL was exiting at a premium of close to Rs 800-1,000 crore.” [source]
TimesofMoney was started 10 years back and services include white label remittances service, disbursement solutions (iExchange) and the payment gateway solution (i.e. DirecPay). TimesofMoney client list includes Axis Bank, Bank of Baroda, Citibank, IDBI etc and the sale is part of BCCL’s focus on exiting the non-core businesses.
Also see : EBS Gets Acquired By Ogone