The hardware and equipment firm executed business transfer agreement with GTID Solutions Development for acquiring their business and intellectual property rights for Rs 2.25 crore.
TVS Electronics has acquired the business and IP rights of GTID Solutions Development. The cost of acquisition is Rs 2.25 crore.With this agreement, TVS has entered into mobile POS software solutions and authentication solutions space. It will offer hardware along with required applications, digital payment solutions, cloud computing software solutions etc. to segments like retail, banks and government.
TVS Electronics is a leading transaction automation IT product manufacturer and service provider. Its business consists of two revenue segments, viz., products and solutions and customer support services.
TVS Electronics reported net profit of Rs 3.80 crore in Q1 June 2022 as against net loss of Rs 0.49 crore in Q1 June 2021. Net sales rose 59.25% to Rs 86.12 crore in Q1 June 2022 over Q1 June 2021.
Shares of TVS Electronics jumped 5.90% to Rs 253 on Monday, 22 August 2022.
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