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TCS Group Holding buys controlling stake in online payment solutions provider

JSC Tinkoff Bank's holding company, TCS Group Holding Plc, acquired a 55% stake in online payment solutions developer CloudPayments LLC.

The remaining 45% stake will continue to be owned by CloudPayments' founders and employees, and TCS Group has the right to purchase the remaining shares within two years, it said Oct. 12.

The transaction covers all CloudPayments group companies, including its online merchant acquiring business in Russia, operations in Kazakhstan and Latvia and CloudKassir, an online cash register solution for online stores. Financial details of the deal were not disclosed.