Samvad Partners, JSA act in NTT’s acquisition of 55% stake in Atom Technologies for $9 mn

NTT Data Corporation (a Japanese system integration company and partially-owned subsidiary of Nippon Telegraph and Telephone) recently acquired 55.35% stake in Atom Technologies (a payment services provider company and a subsidiary of 63 moons technologies limited) for an aggregate consideration of $9.24 million.

In this regard, NTT Data’s SVP Isao Arima said, "We believe the Indian payments market has huge potential, pillared by consistent economic growth and the government's strong initiative towards digital payments. Our payments business in Japan, as well as South East Asia, will help Atom in providing cross-border payments services to their merchants. Moreover, our customer base and development capability will allow Atom to upward its growth-trajectory. We commit to contributing to the Indian society with better payments services by partnering with Atom."

Subsequently, 63 moons’ MD and CEO S Rajendran said, "Atom is one of the first companies in India to offer online digital payments services. The company has grown exponentially over the years and has great potential to grow further. In line with the strategy of 63 moons to exit from the market ecosystem, we were looking for a reliable partner that would elevate our institution to greater heights."

Thereafter, Atom’s CEO Dewang Neralla said, "This acquisition endorses the immense value created by Atom. We look forward to greater synergies and to implement NTT's global learning into the Indian markets and thereby further enhance the payments ecosystem in the country."

LAW FIRMS INVOLVED:

NTT Data was represented by Samvad Partners. The team included Partner Harish Narasappa and Associates Vandana V and Surabhi Rao.

63 moons and Atom were advised by J Sagar Associates. The team included Partner Rinku Ambekar and Associate Reshma Oak.