Avendus Capital Advises ISS on the Sale of Its Cash Management Business to Sis Prosegur.
ISS CVS (“ISS”), part of the Danish ISS Group, has sold its cash management business in India to SIS Prosegur, a JV between Security and Intelligence Services (India), one of the country's largest private security services providers, and Spain's Prosegur, the world's second largest cash management company. The cash management services business includes replenishment of ATMs, doorstep banking, transportation of bullion, cash in transit and cash processing services to banks, public utilities and retailers. The divestment is part of ISS’ strategy to focus on core activities.
Post this deal, SIS Prosegur is now the second largest operator in cash management services with 28 percent market share and the market leader in east and south India market.
Avendus Capital was the sole financial advisor to ISS for this transaction.
About ISS | SIS Prosegur
ISS was founded in Copenhagen in 1901 and has grown to become one of the world's leading Facility Services companies. ISS CVS (cash and valuable service) provides transportation, vaulting and security related to cash and valuables. The firm has 6,000 employees and in 2013, it reported revenues of Rs 180 crore.
SIS Prosegur is an Indo-Spanish joint venture launched in 2012 between Security and Intelligence Services (India), one of the country's largest private security services providers, and Spain's Prosegur, the world's second largest cash management company.
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