EQT Private Capital Asia (EQT) has sold its remaining 26.7% ownership in CMS Info Systems (CMS) which is listed on the Indian stock exchanges, in a $187m block transaction.
With its main office located in Mumbai, India, CMS serves as a notable cash management firm in the country.
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It offers a range of services including ATM cash management, retail cash management, cash-in-transit, ATM managed services, banking automation, and AI-powered remote monitoring solutions.
With more than 25,000 staff members and associates, CMS serves over 150,000 corporate commerce locations in 97% of India’s districts.
CMS reinforced its market leadership under EQT ownership, realised productivity benefits that resulted in increased EBITDA margins, and implemented an effective governance framework.
The company successfully managed two crises, namely currency demonetisation in India in 2016 and the COVID-19 pandemic, by combining fixed cost minimisation, strategic M&A, and new income prospects.
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By GlobalDataFurthermore, it has dealt with the looming issue of new electronic payment systems, emerging stronger as a result.
Since EQT’s investment, the company has increased its EBITDA, with an increased CAGR of 34% over the last two years.
Ashish Agrawal, partner within EQT private capital Asia’s investment advisory team, commented: “CMS continues to benefit from the robust growth in India’s banking sector, supported by the Government’s proactive measures to promote financial inclusion. Over the years, CMS has successfully transformed into an integrated banking solutions provider, and we are proud to have been a part of this journey. It has been an absolute pleasure partnering with CEO Mr. Rajiv Kaul and his entire team. We believe CMS is very well positioned under his able leadership and we wish the Company well for its next phase of growth.”
With two business sectors, private capital, and real assets, EQT is a global investment firm that manages €232bn ($251bn) in total assets under management (including €130bn in fee-generating assets).
EQT provides assistance to portfolio companies and assets located in Europe, Asia-Pacific, and the Americas to help them achieve market leadership, profitable expansion, and flawless operations.
