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.
Commenting on the agreement, 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.”
Recently in an exclusive interview with Iamwire Priti Shah, President (ecommerce) has pointed out that market size of payment gateways in India is around 18,000 crore and growing. Seems to be driven by high growth and hope Ogone is looking to have its strong foothold in the Indian market. When Iamwire contacted Peter De Caluwe, CEO of Ogone Payment Services, he 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 was 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.