TVS Electronics inks pact to acquire GTID Solutions' business; stock spurts ~5%

23 Aug 2022 , 09:16 AM

TVS Electronics Limited informed that it executed a Business Transfer Agreement with M/s GTID Solutions Development Private Limited.

On August 22, 2022, the agreement was signed with the intention of entering the mobile POS software solutions and authentication solutions space, offering hardware along with required applications, cloud computing software solutions, digital payment solutions, and so on to segments such as Banks, Retail, and Government.

The cost of acquisition for the said transaction is fixed at Rs2.25 crore.

The company expects to complete the acquisition of the business of GTID Solutions on October 31, 2022.

With an established product network, the company intends to buy GTID Solutions’ business and intellectual property rights to explore mobile POS software solutions and the authentication solutions market, stated company in its filing with the exchanges.

At around 9.18 AM, TVS Electronics was trading at Rs265.45 up by Rs12.45 or 4.92% from its previous closing of Rs253 on the BSE.