Payment soutions provider Ingenico, has announced it has reached an agreement in principle with Summit Partners to acquire pan-European online payment services provider Ogone, for an enterprise value of EUR360.
This acquisition represents a key milestone in Ingenico’s strategy of covering multi-channel payment solutions: point-of-sale, online and mobile. The company is hoping to generate significant synergies in terms of new upselling opportunities and offer optimization expected to generate additional EBITDA in excess of EUR20m by 2015. With this acquisition, Ingenico would also further reinforce its presence in Transactions while leveraging the attractive exposure to the online transactions growth.
Based in Brussels, Ogone reached EUR42m of revenue, with an EBITDA margin of around 30% in 2012. The recent commercial initiatives, including the Barclaycard white-label contract win, should generate a revenue growth in excess of 30% in 2013.
The consultation of Ingenico SA workers’ council has been initiated. The final documentation and closing are expected in Q1 2013, in particular after confirmation of non-opposition from the National Bank of Belgium.
“The acquisition of Ogone is a key milestone in the execution of Group strategy offering unique synergies with Ingenico entities, notably easycash and ROAM”, said Philippe Lazare, Chief Executive Officer of Ingenico. “Combining Ogone leading position in the online space with our unique position in the point-of-sale and mobile space will enable us to address multi-channel global payment solutions for both merchants and acquirers, first in Europe and then in high potential geographies. I am very proud of this acquisition that will benefit our employees, customers and shareholders. We look forward to working together. “
“I’m very proud of today’s announcement. I see both a strong strategic and cultural fit between Ingenico and Ogone”, said Peter De Caluwe, Chief Executive Officer of Ogone. “This will help us accelerate our strategic focus on expanding globally while further investing in product innovation. Our fraud prevention tools and financial services perfectly complement Ingenico’s portfolio and will leverage their multi-channel strategy.
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