India’s largest telecom operator Bharti Airtel on 4 August 2015 acquired financial solutions firm YTS Solutions for an undisclosed amount. With this acquisition, YTS Solutions will be integrated with the operations of Airtel Money Services Ltd, a subsidiary of Airtel.
This acquisition will help Airtel to expand its footprint in the payments sector by integrating business capabilities and unique service delivery model of the YTS.
Airtel M Commerce Services Ltd (AMSL) offers wallet service under the brand name Airtel Money.
Appointment of CEO of AMSL
The company also appointed YTS's co-founder Manish Khera as CEO of its mobile wallet service Airtel M Commerce Services. After appointment, Khera will be a part of the Airtel management board and will report to Gopal Vittal, MD and CEO of Bharti Airtel, India and South Asia.
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Who: Bharti Airtel
What: Acquired YTS Solutions
When: 4 August 2015