Vakrangee to Acquire 48.5% Equity Stake in Vortex Engineering from Private Equity Investor Aaviskar Capital
- Vortex Engineering Private Limited (Vortex) is one of the leading provider of Automated Teller Machines (ATMs), Manufactures and markets the world’s most cost-effective ATMs using patented technology.
- Vortex has shipped 10,000+ ATMs across India, Africa and South Asia and Software products to complement ATM hardware.
- Through this acquisition Vakrangee will achieve backward integration which would benefit in better operational controls & scalability.
Vakrangee Limited has signed a binding term sheet with Aaviskaar Capital, a private equity investor, to acquire a 48.5% equity stake in Vortex Engineering Private Limited. This acquisition is part of Vakrangee’s strategy to invest in the ATM business vertical and become a leading fintech player in rural India.
Vortex Engineering is a leading provider of Automated Teller Machines (ATMs) and multi-vendor ATM management software products. With years of focused research and development, Vortex has disrupted the ATM industry with its cost-effective range of green ATMs, achieving the highest return on investment. Vortex’s world-class ATM monitoring and management software enables digital transformation of the ATM channel management at the lowest total cost of ownership across the industry. Vortex is fostering financial inclusion globally by changing the face of self-service banking with its reliable and sustainable range of products and solutions.
This acquisition will enhance Vakrangee’s portfolio of services and strengthen its position in the banking and financial services sector. The financial details of the transaction have not been disclosed yet, and the acquisition is subject to regulatory approvals and customary closing conditions.
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