The acquisition marks the Atos group’s entry into India which is considered one of the fastest-growing payments markets.

Khaitan acted for the seller Venture Infotek Limited while Majmudar led from the buyer’s side on this transaction.

The Khaitan & Co team consisted of four partners headed by Haigreve Khaitan with partners Daksha Baxi, Sanjay Sanghvi and Nihal Kothari advising on the taxation aspects.

Majmudar partner Akil Hirani on the other hand represented the international IT services company Atos Origin which earns €5.4 billion in revenues and employs 50,000 staff across 40 countries according to its website.

The transaction was completed last week on 27 August.

The valuation of the target company was likely to have been around $99m according to financial news website VCCircle.