article from proactive investors

http://www.proactiveinvestors.com.au/companies/news/50708/transaction-solutions-international-pushing-for-additional-contracts-in-indian-atm-market-50708.html

Transaction Solutions International (ASX:TSI) has received a first tranche of funds from an Indian-focused private equity group, that was first announced in May 2013.

This is part of a $22 million investment in to TSI India to leverage growth in ATM deployment in India.

TSI’s business is based in India via bank ATM deployment and E-transaction financial services, where it earned $1.29 million in revenues during the September quarter.

The Punjab National Bank has extended its existing ATM contract with TSI for deployment of a further 200 ATM sites.

TSI's business model is to build recurring revenue through the deployment of ATMs as well as service the financial payments sector through automation of bill payment processes.

At September quarter end, TSI had $3,286,000 in cash reserves.

The market is fast migrating from paper based to electronic transactions.

TSI said it is in active discussions with new and existing banks in India for ATM deployment.

It is also in discussions with I.T./online/mobile technology companies, this represents a fast growth market.