AGS Transact Technologies bags order worth Rs 1,100 crore to supply 2,500 ATMs to SBI

Securevalue India, a cash management subsidiary of the company, will also be servicing a significant number of ATMs under this order.

AGS Transact Technologies has received an order from the State Bank Of India (SBI) to deploy more than 2,500 Automated Teller Machines (ATMs) under the outsourced / managed services portfolio for a term of seven years. The deployment will be based on a transaction fee under AGS Transact Technologies' Total Outsourcing Model.

AGS Transact Technologies expects commencing the deployment of the new ATMs in the next calendar year. Stanley Johnson, Executive Director of AGS Transact Technologies, stated that adding over 2,500 SBI ATMs will substantially bolster the payment solutions business segment. The services for a substantial number of ATMs under this order will be provided by Securevalue India, a cash management subsidiary of AGS Transact Technologies.

According to the company statement, as of September 30, 2023, AGS has installed, managed, or maintained 77,658 ATMs/CRMs across 2,200 cities and towns in India. Notably, it recently completed the integration of 8,000 ATM/CRMs, under its managed services portfolio, for Punjab National Bank and Union Bank of India.

This order win comes just a week after the company announced that it bagged an order to supply 1,350 ATMs for SBI under its banking automation solutions portfolio.

In the September quarter, the company narrowed its net loss to Rs 34.73 crore from Rs 11.92 crore in the year-ago period. Besides, its net dropped 7.21% year-on-year to Rs 272.96 crore in the three months ended September 2023 from Rs 294.18 crore in the same quarter preceding the fiscal.