EBS, India’s second largest on-line payment provider, is acquired by Ogone Payment Services of Europe
Hyderabad, September 23, 2011: EBS (E-Billing Solutions), the second largest on-line payment provider in India, has announced that Ogone Payment Services, one of Europe’s leading payment service providers, has signed a binding agreement to acquire the company. This acquisition marks Ogone’s first foray outside of the European market and into the rapidly expanding Indian on-line payments market.
However, EBS will continue to operate under its current management structure and market approach and will be responsible for running the operations and the continued expansion of the company. EBS will also retain its name and brand in the Indian market. The EBS board is supported by 3 members of the Ogone Payment Services Board.
Mr 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.”
Mr 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 a huge potential for us and our European merchants.”
EBS were advised by growth partnership firm IndigoEdge. Ogone, meanwhile, were advised on the deal by Brian, Garnier & Co, an independent pan-European investment bank focused on growth companies.
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.