New Delhi/Bangalore: Leading European online payment services provider Ogone Payment Services (OPS) has signed a binding agreement to acquire India-based E-Billing Solutions (EBS) for an undisclosed amount.
This acquisition marks Ogone’s first foray outside the European market and into the rapidly expanding online payments market, said a joint statement, which did not give financial details of the transaction.
However, EBS would continue to operate under its current management structure and market approach, with its executives handling operations and driving the continued expansion of the company, it said.
EBS would also retain its name and brand in the Indian market.
EBS co-founder and CEO Nishanth Chandran 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.”
“Only 8.4% cent 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,” said Peter De Caluwe, the CEO of Ogone Payment Services.
EBS said it is the second largest online payment provider in India and currently enjoys a 20% market share in terms of its merchant base in the Indian payments gateway industry.