BBS agrees acquisition of Ingenico's Danish and Finnish units
12 June 2009 | 6253 views | 0
Bank-owned Norwegian e-payments processor BBS has agreed a deal to acquire Sagem Denmark and Sagem Manison Finland from Ingenico for an undisclosed cash fee.
BBS says the deal will strengthen its position across the Nordic region, adding 150 staff and several major customers.
The two units - which Ingenico acquired from Sagem Securité in 2007 - contributed EUR39.1 million in revenue and EUR4.6 million in operating margin last year.
Sagem Denmark has been making and selling payment terminals in the country since 1984 and counts several Nordic retail chains among its clients. The division also supplies encrypting PIN pads for ATM's and unattended payment systems, providing access to a new market for BBS.
In addition, the Sagem Manison subsidiary will enable BBS to establish a presence in Finland. Sagem Denmark also has a sales office in Sweden.
Ola Forberg, CEO, BBS, says: "One of our ambitions is to become the leading provider of merchant solutions in the Nordics. With the purchase of Sagem Denmark and the subsidiary Sagem Manison Finland this ambition will be achieved."
BBS has also inked a deal to distribute Ingenico's Telium based terminals in Scandinavia.
Philippe Lazare, CEO, says: "We are very pleased with the disposal of Sagem Denmark and Manison Finland to BBS along with the strategic partnership for terminal distribution in Nordic countries. This is a great opportunity to reinforce our commercial position in this region thanks to BBS leadership in these countries."
The deal is expected to close within 60 days, subject to approval from the Financial Supervisory Authority of Norway.
BBS acquired Ingenico's Swedish business - the second biggest operator in the country's eftpos terminal market - in 2006, helping it to expand beyond its home market of Norway.