Ogone Payment Services, one of Europe’s leading payment platforms, has entered the rapidly expanding Indian payments market with the full acquisition of EBS (E-Billing Solutions), the second largest online payment provider in India. Financial terms of the agreement were not disclosed. This represents Ogone’s first acquisition and its first move outside the European market.
EBS will continue to operate under its current management structure and market approach and will be responsible for running operations and the continued expansion of the company. EBS also retains its name and brand in the Indian market. The EBS board is supported by 3 members of the Ogone Payment Services Board.
Peter De Caluwe, CEO of Ogone Payment Services, said: “Only 8.4% of the Indian market is currently online but this translates to 100 million users which makes it the fourth largest online country in the world and this is set to grow rapidly with online travel accounting for 80% of the commerce in India. Acquiring a leading company such as EBS represents huge potential for us and our European merchants.”
Nishanth Chandran, Co-Founder & CEO of EBS, said: “This deal represents a huge opportunity for us to lead the market in India and Ogone Payment Services are the right partner to enable us to get to the number one position in India.”
Ogone were advised on the deal by Brian, Garnier & Co, an independent pan-European investment bank focused on growth companies. EBS, meanwhile were advised by growth partnership firm IndigoEdge.
About Ogone (www.ogone.com):
Ogone Payment Services is one of the main European service providers specialised in the processing of online payments, with more than 30.000 customers in 45 countries. The company provides a range of electronic payment solutions covering a number of areas, including e-commerce, ticketing, call centres or the hotel industry. This includes both business-to-consumer solutions and business-to-business services (purchasing cards). With its transactional functionalities and extensive back-office capabilities, the Ogone Payment Services offering is one of the most comprehensive available today.
Ogone Payment Services is connected to the banks by certified interfaces and hence is able to handle international methods of payment such as Visa, MasterCard, American Express, Diners Club and PayPal as well as local payment methods, including iDeal and Machtigingen in the Netherlands, Maestro UK in the United Kingdom, Bancontact/Mister Cash in Belgium, ELV and giropay in Germany, Carte Bleue in France, Dankort and eDankort in Denmark etc
A number of major organisations have also opted to use Ogone to handle their payments. These include Friends Provident, Tui, Thomas Cook, Halfords, Just Eat, Bose, Opodo, Club Med, DHL International, Viking Direct/Office Depot, Thalys International, Misco and Center Parcs.
Ogone Payment Services is an independent company with Summit Partners as majority stakeholder and partner of the management team.
Ogone Payment Services has offices in Belgium, the Netherlands, France, Germany, Switzerland, Austria and the United Kingdom.
About EBS (www.ebs.in)
EBS is one of the pioneers in the online payment processing industry and one of the very few private players in the market with a revolutionary combination of IT firm and Financial Institution.
EBS witnessed commendable growth over the years with a 300% increase in its merchant base. We won the confidence of the Industry, Banks as well as Payment Card industry brands as a prominent player in the market. This was evident as more banks showed interest in associating with EBS that subsequently led to EBS being enrolled as Member Service Provider with multiple banks. EBS systems provide advanced technologies to Indian e-Merchants vide a user-friendly console, multiple payment options, faster process of transactions & simple Customer online expérience. EBS priority had always been a merchant centric approach, business ethics and implementation of Banking and Payment Card industry regulations, which helped EBS to establish its brand image.