The transaction includes the transfer of operating assets and the novation of customer contracts, the company said in a statement. The deal is expected to be completed in the first quarter of FY27.
Commenting on the development, Rajiv Kaul, Executive Vice Chairman and CEO of CMS, said the acquisition aligns with the company’s long-term growth roadmap.
“This acquisition is consistent with the playbook for our 2030 goals, which we shared six months ago. The managed services industry is consolidating, and we are well-positioned to be the platform of choice as banks look to work with fewer, larger, more capable partners,” Kaul said. He added that FSS’s client base offers strong strategic value.
Post-acquisition, CMS’s managed services portfolio will expand from around 31,000 to 39,000 units. This is separate from the approximately 68,000 machines the company services under its currency logistics operations.
Published on March 29, 2026