Ingenico acquires Ogone in bid to become one-stop payments shop
29 January 2013 | 7060 views | 0
Ingenico is to acquire pan-European online payments firm Ogone from Summit Partners for EUR360 million, underpinning its strategy to become a one-stop-shop for multi-channel payments processing on the high street, on the mobile, and online.
Based in Brussels, Ogone has built an international client base of over 42,000 merchants for its e-commerce payments platform. In 2012, with more than 280 employees, Ogone reached €42 million of revenue, with an Ebitda margin of around 30%. A recent white-label contract win with Barclaycard is expected to guarantee revenue growth in excess of 30% in 2013.
Philippe Lazare, chief executive officer of Ingenico, says: "Combining Ogone's 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."
He says the acquisition will have a strong positive impact on both margin and growth profiles, with upsell opportunities expected to generate €20m by 2015.
The secured financing of the acquisition will consist in existing cash for €120 million and in committed bank lines for €240 million. The deal is expected to completed in Q1 2013, subject to talks with unions and approval by regulators.
In February last year, Ingenico took a controlling stake in Roam Data, which offers a Square-alike dongle for processing card payments via mobile phones.