TPG buys 20 of AGS Transact Technologies Khaitan AZB advise
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TPG buys 20 of AGS Transact Technologies Khaitan AZB advise

Bar & Bench

The PE arm of Texas-Pacific Group (TPG) has invested Rs. 145 crore ($32 million) in AGS Transact Technologies (AGS), provider of ATM outsourcing and systems integration services.

Khaitan & Co. advised AGS with a team led by Partner Anand Mehta along with Tax Partner Daksha Baxi.

AZB & Partners advised TPG with a team led by Partner Abhijit Joshi.

According to VCCircle, the PE funding for AGS Transact comes after the firm filed for an IPO with market regulator SEBI in September last year. However, the company has put its IPO plan on hold for the time being and withdrawn its IPO application from SEBI.

This fresh infusion into the company will help it fund the ATM outsourcing roll-outs on behalf of the banks such as Axis Bank, Corporation Bank, Dena Bank, Ratnakar Bank and Dhanlaxmi Bank.

AGS has under contract over 7,000 ATMs, under the brown label ATM outsourcing and managed services model. In addition, AGS has installed over 11,000 ATMs for over 70 banks in India. The current installed base of 75,000 ATMs is expected to more than double reaching 175,000 machines by 2015.

Last year, TPG had invested in kids’ wear chain Lilliput.

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