Ingenico expands its footprint in Ukraine with SST acquisition
27 April 2017 | 4752 views | 0
Ingenico Group (Euronext: FR0000125346 - ING), the global leader in seamless payment, announced today the acquisition of the payment activities of its Ukrainian partner BKC (BANCOMZVJAZOK JSC).
BKC, through its “SST” (Systems of Secure Transactions) business unit, has been a partner and distributor of Ingenico Group in Ukraine since 1997. BKC’s shareholders and Ingenico Group have reached an agreement for the sale of the business unit to Ingenico Group, through the acquisition of 100% of the shares of a newly created legal entity.
With 40 employees, SST is Ingenico’s portal to Ukraine, through its extensive knowledge of the local market and its strong relationships with leading Ukrainian banks. SST also provides software development services to various entities within Ingenico Group, most specifically in Eastern Europe, Western Europe, and Africa. SST will be integrated within the Banks & Acquirers business unit.
With an installed base of more than 200,000 terminals, the Ukrainian payment terminals market is expected to grow significantly in the coming years. The Ukrainian government has taken several initiatives to promote digital transactions and gradually decrease the use of cash in the economy.
Luciano Cavazzana, SVP EMEA (Banks and Acquirers business unit), declared
"We are delighted to welcome the SST team as part of Ingenico Group. Their knowledge of the local market will be key to unlock the Group’s growth in Ukraine, and their expertise in software development will be a valuable asset for the Banks and Acquirers business unit."
Oleg Zhukov, Director of SST, said
"We have been working hand-in-hand with Ingenico Group for years. Becoming part of the Group will increase our ability to serve Ukrainian banks and retailers with a complete payment offering, leveraging on Ingenico Group’s cutting-edge portfolio of products and solutions."