Avendus Capital Advises AGS Transact Technologies Ltd. on Its Equity Raise From Actis.
AGS Transact Technologies Ltd (AGS), the leading ATM outsourcing and payments company, has received an investment of USD 40 Mn (INR 220 crore) from pan-emerging markets private equity firm Actis. This investment will enable AGS to strengthen its market leading position in the ATM outsourcing space. This fund raise is further to investments by TPG in June last year and March this year. The proceeds of this raise will fully fund the ATM outsourcing roll-outs undertaken by AGS on behalf of leading banks including Axis Bank, ICICI Bank, HDFC Bank, Yes Bank as well as rollouts under the recent PSU contract won by AGS for the HP/ Haryana/Chandigarh circle.
Founded by entrepreneur Ravi Goyal in 1992, AGS manages a network of 10,000 ATM machines across India for banking clients, as well as supplies specialised equipment, and automated solutions for major retailers, petroleum and paint companies. In addition, AGS has installed over 14,000 ATMs for over 70 banks in India.
Avendus Capital acted as the sole financial advisor to AGS Transact Technologies Ltd.
AGS Transact Technologies Ltd (AGS)
Currently India has a low per capita ATM base, with a current installed base of ~100,000 ATMs. This is expected to more than double reaching greater than 200,000 machines by 2017 as banks expand their ATM network rapidly. The recent white label guidelines unveiled by the Reserve Bank of India are expected to give a further fillip to ATM growth.
The ATM outsourcing industry is going through an inflexion point right now. Private banks were already expanding their ATM base through outsourcing and now public sector banks have adopted a completely outsourced model for ATM expansion as well. Independent service providers such as AGS will benefit from this growth.
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