ecommerce expo 2011 - Ogone Payment Services acquires Indian online payment leaders EBS
Ogone Payment Services 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.
Ogone are exhibiting at ecommerce expo October 11th/12th at Olympia London - For more information click here www.ecommerceexpo.co.uk/ecpro