3i Infotech today said it had signed an agreement to sell its US-based global billing and payments unit, consisting of Regulus Group and J&B Software, to an affiliate of private investment firm Cerberus Capital Management, LP, for about $137 million.
3i said the divestment would enable 3i Infotech to focus on IT products and services.
3i Infotech had acquired J&B Software in 2007 and the Regulus Group in 2008, which were integrated to form the global billing and payments unit of 3i Infotech.
At the time of its acquisition Regulus was the largest independent remittance provider and one of the leading providers of document (bills) processing services in the U.S. – addressing the full document lifecycle from print and electronic bill presentment to remittance.
3i had acquired 100-per cent control of Regulus in June 2008 along with all its products, and product brands and trade marks for $80 million.
About 10 months earlier in October 2007 the Indian IT firmn had acquired the J&B Software, a US-based provider of software products and services related to remittance processing in the US, for about $25 million along with its its subsidiaries that also included the Chennai-based J&B Software (India) Pvt Ltd.