SecurityWorldMarket

08/12/2014

ISS sells cash management business in India

Copenhagen, Denmark

ISS, a leading global facility services provider, has sold its Indian cash and valuables services business to SIS Prosegur, a leading Indian cash management and cash transportation company.

The involved parties have agreed not to disclose the sales price. Last year, the revenue of ISS CVS was INR 1.8 billion (DKK 170 million or EUR 20 million). ISS CVS has 6,000 employees, who will be offered to transfer to SIS Prosegur.

ISS expects to use the proceeds from the divestment to support the continued deleveraging of the company. The company has confirmed that this divestment will have no effect on the remaining ISS service offerings in India.

Thomas Hinnerskov, Regional CEO of ISS Asia Pacific, commented: "This is a strategic divestment for our Indian operation. ISS CVS is a good business with 6,000 skilled employees, which sits better with SIS Prosegur than with ISS India. The new owners can further develop the business which is at their core, while we can further focus on our core activities, in particular on delivering superior integrated facility services to our customers.”

The transaction does not require any additional approvals. The deal is final and closed at 4 December 2014.

ISS India is a growing business and one of the country’s largest foreign employers with approximately 60,000 employees.  The company had revenues corresponding to DKK 1.13 billion, representing approximately 1.5% of the ISS Group’s revenue.  ISS has been in India since 2005.


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