Genpact to buy VentureEast-backed Atyati Technologies
Tuesday, May 15, 2012
Business processing outsourcing major Genpact Ltd has signed a definitive agreement to acquire Atyati Technologies, a technology platform provider for the rural banking sector in India. The terms of the transaction, including the stake acquired and the deal value, remain undisclosed. The deal is expected to close in 3-4 weeks.
VenturEast had invested $2.5 million in Atyati in August 2008. But it cannot be immediately ascertained whether the VC firm has completely exited in the transaction or Genpact has acquired a majority stake without buying out the firm completely.
Founded in 2006, Atyati is a Bangalore-based company that offers a technology platform to provide banking services to the rural population. Its Ganaseva solution is a mobility-based platform designed to deliver the complete suite of banking services, including an automated and secure banking platform with smart card and biometrics-based authentication capabilities. Atyati hosts the solution on private Cloud and the service is charged on a pay-per-transaction or pay-per-village model.