3i InfoTech said Monday it will acquire JPMorgan Treasury Services national retail lockbox Business (NRLB) to strengthen its capabilities and their respective core business processes.

The global provider of IT solutions said it expects the deal will allow its subsidiary Regulus Group -- one of the largest outsourced remittance processing providers in the US -- to process more than 700 million payments annually once the acquisition is complete.

For 3i InfoTech and our Regulus subsidiary, this agreement is ultimately about helping our customers achieve greater operational efficiencies and drive value within the revenue chain, said Kathy Hamburger, CEO and president of 3i Infotech North America.

3i Infotech is one of India's leading IT companies, which provide all customers services in over 50 countries worldwide.

Correction: A headline for an article on April 27, 2009 describing an acquisition by 3i InfoTech from JPMorgan incorrectly stated that the acquisition was for the entire Treasury Services business. The acquisition was limited to the national retail lockbox business within the Treasury Services business.