Global information technology company 3i Infotech announced on Tuesday the acquisition of US-based Regulus Group and its subsidiaries, an independent remittance and document processing services provider. The cost of acquisition is $80 million with an additional consideration of up to $20 million, which will be linked to performance parameters.
"The acquisition of Regulus Group is a strategic one and will enable 3i Infotech to strengthen its positioning in the payment processing industry," said 3i Infotech managing director and CEO V. Srinivasan. The company has signed an agreement with Regulus Group under which it would acquire a 100 percent stake in the company, including its products, trademarks, and brands.
Regulus Group president and COO Kathleen Hamburger expressed, "We believe that through this partnership, we will be able to expand Regulus' solutions globally and benefit from 3i Infotech's technology and services experience."
California-based Regulus handles over 2.1 billion paper and electronic transactions annually. It has a nationwide network of 10 processing centers in California, Georgia, Illinois, New Jersey, North Carolina, Iowa, and Texas, and has around 1,300 employees.
"The acquisition of Regulus Group is a strategic one and will enable 3i Infotech to strengthen its positioning in the payment processing industry," said 3i Infotech managing director and CEO V. Srinivasan. The company has signed an agreement with Regulus Group under which it would acquire a 100 percent stake in the company, including its products, trademarks, and brands.
Regulus Group president and COO Kathleen Hamburger expressed, "We believe that through this partnership, we will be able to expand Regulus' solutions globally and benefit from 3i Infotech's technology and services experience."
California-based Regulus handles over 2.1 billion paper and electronic transactions annually. It has a nationwide network of 10 processing centers in California, Georgia, Illinois, New Jersey, North Carolina, Iowa, and Texas, and has around 1,300 employees.