Mumbai: CMS Info Systems Limited (“CMS”; BSE: 543441 | NSE: CMSINFO), India’s leading business services company, today announced the acquisition of the ATM Managed Services business of Financial Software and Systems Private Limited (“FSS”) for a purchase consideration of up to ₹115 crores. The transaction involves the transfer of operating assets and novation of customer contracts. The transaction is expected to close in Q1 FY27.
Speaking on the transaction, Rajiv Kaul, Exec. VC & CEO, said: “This acquisition is consistent with the playbook for our 2030 goals, which we shared six months ago. The managed services industry is consolidating, and we are well-positioned to be the platform of choice as banks look to work with fewer, larger, more capable partners. FSS’s clients are exactly the kind of relationships we want to deepen and, bringing them onto our platform opens the door to serve them across our full suite of services.”
At its Analyst Day in September 2025, CMS had outlined a programmatic approach to M&A, with consolidation in ATM Management Solutions as an explicit strategic lever. This acquisition delivers on these goals.
CMS’ ATM Management Solutions business, where it acts as the end-to-end technology and operations partner for bank networks, generated ~₹1,300 crores in FY25 services revenue, with an 11% CAGR outlook through FY30. This acquisition grows the managed services portfolio from ~31,000 to 39,000 units, distinct from the ~68,000 machines CMS services through its currency logistics operations. Retail Solutions & Currency Logistics and Technology & Payment Solutions complete the platform, the latter including its VisionAI solution, HAWKAI.
What This Transaction Delivers
FSS, established in 1991, is one of India’s most respected names in payments and banking technology, having earned the trust of some of the country’s most demanding public and private sector banking clients over three decades. Bringing their operations and people onto CMS’s platform deepens our operational capabilities while opening immediate opportunities to serve these institutions across cash logistics, HAWKAI and software solutions, ALGO. CMS’s existing infrastructure and operating scale provide a natural basis for integration efficiencies as FSS’s operations are absorbed into the platform.
