CMS Info Systems

What CMS Info Systems does

CMS Info Systems is India's largest cash management services company, providing a unified business services platform for banks, financial institutions, organized retail, e-commerce, NBFCs, and insurance providers. The company operates an extensive nationwide physical network covering 97% of Indian districts, covering approximately 4 lakh kilometers daily and connecting 12,000+ bank branches, with 72,000+ ATMs serviced and 28,000+ ATMs under managed services contracts. Its service portfolio spans ATM cash management, ATM-as-a-Service, banking automation, cash-in-transit, brown label ATMs, retail cash management, and card personalization (10 million cards annually). Approximately 60% of revenue comes from ATM Management Solutions, 25% from Retail Cash Management, and 15% from Technology and Payment Solutions.

The company's technology stack is proprietary and operationally embedded: HAWKAI Vision AI with 40+ deep learning modules monitors 30,000+ sites live and has prevented 2,700+ critical threats; ALGO MVS provides vendor-agnostic ATM software across 65,000+ ATMs; ALGO OTC was the world's first AI-powered mobility-based ATM security app (IDC Future of Trust Award 2021); CMS Agile automates reconciliation with 80% of tickets resolved through ML; CMS One Connect integrates fleet telematics handling 80,000+ daily activities; and CMS Edge is an in-house IoT chipset connecting on-premise equipment to secure cloud. Retail 360 provides integrated treasury operations for retailers covering 97% of Indian districts.

CMS generates revenue through multi-year managed services contracts with enterprise clients, priced per ATM/per touchpoint and bundled with technology add-ons like HAWKAI and currency forecasting. Go-to-market is exclusively direct enterprise field sales to banks, large retail chains, quick commerce platforms, and e-commerce companies, with no self-serve or channel distribution. The company listed on Indian bourses in December 2021 via a ₹1,100 crore offer-for-sale IPO and achieved 100% public shareholder ownership by 2024 following Baring Private Equity Asia's complete exit. Leadership is anchored by CEO Rajiv Kaul (Exec. Vice Chairman since inception) and CFO Pankaj Khandelwal, with a board chaired by Shyamala Gopinath. FY26 revenue was ₹2,487 crore with ₹303 crore net profit.

Name

CMS Info Systems

Legal name

CMS Info Systems Limited

Website

https://cms.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

CMS Info Systems is India's largest cash management and ATM services company, providing ATM management, cash-in-transit, banking automation, AI-powered surveillance (HAWKAI), and ATM software (ALGO) to banks, retail, e-commerce, and financial institutions across 97% of Indian districts.

Ownership category

akta.pro rank

Product category

Cash Management and ATM Managed Services

NAICS

Activities Related to Credit Intermediation (5223)

SIC

Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141)

akta.pro primary industry

Asset & Maintenance Management (EAM/CMMS) Platforms (HDAEAEAM)

akta.pro secondary industry

Treasury, Cash Management & Liquidity Tools (Sweeps, Cash Concentration) (FSAGAAAG)

Keywords

• Cash management services
• ATM managed services
• Cash-in-transit
• Banking automation
• Vision AI surveillance

Headquarters

HQ city

Goregaon

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. ATM Management Solutions: Core revenue stream including ATM cash management, managed services outsourcing, ATM-as-a-Service, and currency forecasting. CMS services 72,000+ ATMs and manages 28,000+ ATMs. Revenue mix approximately 60% of total revenue.
2. Retail Cash Management: Includes Retail 360 solution, cash-in-transit services, and cash processing for organized retail and e-commerce. Covers 12,000+ bank branches connected. Approximately 25% of revenue.
3. Technology & Payment Solutions: Vision AI (HAWKAI), ATM software (ALGO), remote monitoring services, and card personalization. Contributes approximately 15% to total revenue with Remote Monitoring Surveillance business achieving ₹100 crore annual revenue in FY24.
4. Banking Automation: Branch transformation solutions, self-service kiosks, ATM manufacturing, and currency recycler deployment. CMS has deployed over 48,000 machines and 10,000+ kiosks.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

CMS Info Systems provides outsourced cash management and ATM services to banks, financial institutions, retail chains, and e-commerce companies across India. Core offerings include ATM cash management and ATM-as-a-Service (servicing 72,000+ ATMs), cash-in-transit logistics, banking automation hardware (ATMs, recyclers, kiosks), brown label ATMs, card personalization, and proprietary technology solutions (HAWKAI Vision AI, ALGO ATM software, Retail 360, and remote monitoring).

Product overview

CMS Info Systems is a unified business services platform providing seven distinct solutions and services for banks, financial institutions, retail, e-commerce, NBFC, and insurance sectors. The platform combines an extensive nationwide physical network with technology-driven solutions. Core offerings include ATM Cash Management and ATM-as-a-Service (managing 72,000+ and 28,000+ ATMs respectively), Banking Automation (48,000+ machines installed), Cash-in-Transit (12,000+ branches connected), Payment Cards (10 million cards annually), and Brown Label ATM services. Technology solutions include HAWKAI (Vision AI surveillance), ALGO MVS/OTC (ATM software), Retail 360 (retail treasury management), and technology platforms CMS Agile (reconciliation), CMS One Connect (fleet management), and CMS Edge (edge computing device). The unified platform enables organizations to optimize physical payment flows, drive financial inclusion, and enhance operational efficiency across India.

Differentiator

Problem solved

Functional benefit

Brands

• HAWKAI: Vision AI solution providing real-time monitoring and surveillance with 40+ deep learning AI modules for actionable business insights. Monitors 30,000+ sites live and has prevented 2,700+ critical threats.
• ALGO
• Retail 360
• CMS Agile
• CMS One Connect
• CMS Edge

Products and services

• ATM Cash Management Comprehensive cash management services for banks including cash processing, cassette management, ATM replenishment, cash evacuation for banknote accepting/recycling machines, day-end reporting, and reconciliation. CMS services 72,000+ ATMs across India.
• ATM-as-a-Service End-to-end management of ATM networks through a single point of accountability, integrating automation, cash management, and AIoT Remote Monitoring. CMS manages 28,000+ ATMs under this model for banks and financial institutions.
• Banking Automation Branch transformation solutions including manufacturing, supply, and maintenance of ATMs, currency recyclers, and self-service kiosks for banks. CMS has installed 48,000+ machines across banking institutions.
• Cash-in-Transit Secure intra and inter-city bulk currency transit services connecting bank branches and currency chests through the CMS network. 12,000+ bank branches connected across India.
• Brown Label ATM ATM deployment and management service enabling banks and financial institutions to deploy ATMs without bearing the full cost of ownership, leveraging CMS infrastructure and brand.
• Card Personalisation Comprehensive financial card issuance and personalization services for banks at a state-of-the-art facility. CMS produces 10 million cards annually for banking customers.
• HAWKAI (Vision AI Surveillance) Vision AI solution that transforms traditional CCTV systems into intelligent monitoring with 40+ deep learning modules. Analyzes video in real time and integrates with existing surveillance infrastructure. Monitors 30,000+ sites live and has prevented 2,700+ critical threats.
• ALGO MVS (Multi Vendor Software) Vendor-agnostic ATM channel management software enabling financial institutions to centralize ATM operations to a single command center for real-time updates. Functions across ATM hardware/software from NCR, Diebold-Wincor, Hyosung and others. Covers 65,000+ ATMs.
• ALGO OTC (ATM Security Software) AI-powered, mobility-based ATM security software application providing end-to-end encryption, geo-fencing, GPS-enabled face recognition, credential authentication, and backend-compliant OTC code generation for cash replenishment and maintenance operations.
• Retail 360 Integrated retail treasury operations solution providing 24x7 on-premise automation with real-time tracking, e-receipts, and central reconciliation. Optimizes working capital management for organized retail and e-commerce.
• Retail Cash Management Cash management services for organized retail chains and e-commerce companies, covering cash collection, processing, and reconciliation across India.
• Remote Monitoring Solutions (RMS) AIoT-powered remote monitoring service for financial institutions, retailers, and quick commerce operations, providing real-time anomaly detection and business insights across 1,500+ quick commerce locations.

Quantifiable outcome

• 95%+ ATM uptime delivered across managed network
• +8 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• HDFC BankcoreStrategic or Co-development Partner · 10 May 20265-year integrated ATM managed services outsourcing mandate worth ₹400 crore covering 6,000 ATMs. CMS provides currency forecasting, cash logistics, and HAWKAI Vision AI solution. Strengthens CMS position in ATM outsourcing market and contributes to 30% private bank revenue target by FY27.
• Financial Software and Systems (FSS)coreOthers · 29 March 2026Acquisition of FSS's ATM Managed Services business for ₹115 crore (Rs 1,150 million). Deal adds ~8,000 ATMs expanding portfolio from 31,000 to 39,000 units, bringing new private sector banking relationships. Expected to close Q1 FY27. Part of consolidation strategy.
• State Bank of India (SBI)coreStrategic or Co-development Partner · 7 January 2026₹1,000 crore, 10-year integrated cash solutions contract covering approximately 5,000 bank-owned ATMs. First large direct cash outsourcing contract by a PSU bank. Expected to deliver incremental revenue growth of ₹500 crore. Go live January 2026.
• ICICI BankcoreStrategic or Co-development PartnerExpanded partnership for ATM managed services. Part of CMS's three major bank mandates alongside HDFC Bank and SBI.
• Punjab National BankcoreStrategic or Co-development PartnerCompleted execution of managed services mandate for 5,200+ ATMs. Long-standing relationship in ATM network management.
• India Post Payments BankminorStrategic or Co-development PartnerContract to replace 1,000 ATMs as part of network modernization.
• MUFG Intime India Private LimitedminorOthersRegistrar and Share Transfer Agents (RTA) handling shareholder services, dividend payments, and investor grievance resolution for CMS Info Systems.
• CE Info SystemsminorOthersCE Info Systems completed ₹2 crore investment in Prashant Advanced Survey LLP. Separate company unrelated to CMS Info Systems - distinct entity with similar name.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Fiserv: Large global fintech and banking technology provider serving financial institutions with payments, core banking, and related services — comparable as a broader incumbent in the Indian banking technology ecosystem where CMS's ALGO software competes.
• Loomis: Sweden-based cash handling, ATM services, and international secure logistics provider. Competes with CMS in cash-in-transit and ATM managed services globally, with similar operating model and labor-intensive network economics.
• NCR Atleos: Global ATM hardware and managed services provider spun out from NCR. Comparable in ATM software (CMS's ALGO competes with NCR software) and ATM-as-a-Service offerings, though more global in footprint and ATM-hardware-led.
• Diebold Nixdorf: Global provider of banking automation hardware, software, and services for ATMs and bank branches. Competes with CMS in ATM manufacturing (Banking Automation), software platforms, and managed services for financial institutions worldwide.
• Brink's: Global leader in cash management, secure logistics, and ATM services. Comparable in core cash-in-transit and ATM outsourcing business, with much broader geographic reach but lower technology depth than CMS.
• G4S Cash Solutions (Allied Universal): Global secure solutions and cash services provider (now part of Allied Universal). Comparable in cash logistics, ATM management, and secure transportation services for financial institutions.

Direct peers

• Prizm Payment Services: India-focused ATM managed services and payment solutions provider serving public and private sector banks — a direct competitor in the Indian ATM outsourcing and cash management market.
• Hitachi Payment Services: Indian payment and ATM managed services company providing cash management, ATM outsourcing, and digital payment solutions to banks — directly comparable in customer base (Indian banks) and product set.
• AGS Transact Technologies: Indian ATM managed services and cash management company directly competing with CMS in ATM outsourcing, cash logistics, and payment solutions. Its recent financial distress has been a primary catalyst for CMS's market share consolidation.

Regional players

• SIS Limited (Security and Intelligence Services): India's largest security services and cash logistics company. Comparable in cash-in-transit and secure logistics operations serving Indian banks, with broader facility management and security services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/systems_cms
• Facebookfacebook.com/cms-info-systems-limited-196973290337381
• LinkedInlinkedin.com/company/9927
• Instagraminstagram.com/cmsinfosystems

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CMS Info Systems