Ann: TSN & Novatti Sign Agreement to Target India Payments Market, page-40

Cheers guys.

The biggest takeaway for me from the TSN/NOV tie up announcement is that both parties will be potentially targeting an existing established business line (ATMs), with 500m plus customers that the company is currently serving. It will however cost them. Close to $50m bucks worth to acquire the remaining 75% balance of TSI. The success of those big m-wallet players hasn't come without cost either. They've spent a significant amount of big dollars on customer acquisition and development. The potential upselling TSN could do just across this one biz line that could potentially fall within multiple sub-categories across ATMs, ie bill pay, loyalty and rewards, remittances etc...would be phenomenal. Why? Because they would then have the clients and customers and there would be minimal spend post potential transaction. Let's see how things progress from here.

Tony