Deals in brief – June 2019

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HSA advises Mindgate

US-based electronic payments company ACI Worldwide has made a strategic investment in Mumbai-based Mindgate Solutions. As part of this investment, ACI and Mindgate will deliver a joint real-time payments solution that will combine ACI’s universal payments software solutions with Mindgate’s digital overlay services solutions.

HSA Advocates advised Mindgate Solutions and its promoters George Sam and Guhan Muthuswamy on all aspects of the transaction. Partner Rachika Sahay and associates Meghna Mishra and Aakash Sharma worked on the deal.

Mindgate processes 30 million digital transactions across the world daily, and 70% of Unified Payments Interface (UPI) transactions are currently routed through Mindgate-customer banks. UPI has quickly emerged as the second most common method of digital payment in India.

Hexaware makes US acquisition

Listed Indian software company Hexaware Technologies acquired 100% shares of US-based Mobiquity Softech for US$182 million. This is the largest acquisition made by the IT consulting company. Mobiquity is a digital consultancy company with clients such as Amazon Web Services, Rabobank and Philips.

Skadden, Dutch firm Houthoff Cooperatief and J Sagar Associates (JSA) acted as legal advisors to Hexaware Technologies. The JSA team included partners Vikram Raghani and Anand Lakra and associate Khamir Kamdar.

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