3i Infotech Ltd. announced an agreement Monday to buy JPMorgan Chase & Co.'s national retail lockbox business.
The Mumbai technology company said the business, part of the New York banking company's JPMorgan treasury services unit, would become part of its Regulus Group LLC unit in Napa, Calif., which it said is the nation's largest outsourcer of remittance processing services.
The companies did not disclose the deal's price, and a spokesman at 3i Infotech said it was expected to close "within the next few months."
The deal covers lockbox centers in Louisville, Ky., and Phoenix, the 3i Infotech spokesman said, but he said he did not know how many billers the JPMorgan centers serve or their volume.
A JPMorgan Chase spokeswoman said the company usually does not comment on divestitures.
