Prizm buys Reliance Money's PoS biz; eyes ATM networks

by Sarimul Islam Choudhury (VCCircle.com)

The company is preparing to raise a war chest of Rs 200 crore for chasing M&A deals.

Prizm Payments, a Chennai-based technology infrastructure provider in electronic payments space, has acquired the point-of-sales (POS) platform of Reliance Money in an all-cash deal. The value of the transaction was not disclosed.

The deal allows Reliance Money to exit the PoS space as its core business is selling financial products. For Prizm, the deal means consolidation as it is engaged in setting up ATMs and PoS networks for banks and retailers for the last four years.

Prizm, which has investments from Sequoia, is on a shopping spree and has set its sights on acquiring ATMs and POS networks. It has already initiated talks with a few banks. The company is preparing to raise a war chest of Rs 200 crore for chasing M&A deals.

“There is momentum in the market for inorganic growth. We will approach investors for additional funds. We plan to raise Rs 200 crore in the next two years,” Loney Antony, MD, Prizm Payments, told VCCircle.

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