Cash logistics firm SIS Prosegur is all set to acquire the cash management business of Danish major ISS for about Rs 150 crore. The development is the latest example of transactions taking place in the Rs 35,000 crore private security services sector in India.The formal announcement of the acquisition is likely to be made over the next few days.
SIS Prosegur is a JV between Security and Intelligence Services (India), one of the country’s largest private security services providers, and Spain’s Prosegur, the world’s second largest cash management company. The joint venture was formed in 2012. It will see ISS, the world’s largest facility management services provider, divest a non-core asset, while continuing to focus on its core business. The cash management services sector includes replenishment of ATMs, doorstep banking, transportation of bullion, cash in transit and cash processing services to banks, public utilities and retailers.
