PARIS -- (Marketwire) -- 01/29/13 --
Ingenico announces an agreement for the acquisition of Ogone,
leading pan-European online payment services provider
A key milestone in the execution of Ingenico strategy:
Providing unrivalled offering of multi-channel payment solutions
to address increasing merchant needs
Ingenico, (Euronext: FR0000125346 - ING), leading
worldwide provider of payment solutions, today announced it has reached an
agreement in principle with Summit Partners to acquire Ogone, the leading
pan-European online payment services provider for an enterprise value of
EUR 360
million.
This acquisition represents a key milestone in the execution of Ingenico's
strategy of becoming the unique "one-stop-shop" provider covering
multi-channel
payment solutions: point-of-sale, online and mobile. The combination of
Ingenico's customer base and infrastructure with Ogone's platform would
offer an
unrivalled ability to generate significant synergies in terms of new
upselling
opportunities and offer optimization expected to generate additional EBITDA
in
excess of EUR20m by 2015. With this acquisition, Ingenico would also
further
reinforce its presence in Transactions while leveraging the attractive
exposure
to the online transactions growth.
Based in Brussels, Ogone has developed, over the past ten years, a
recognized
expertise in making online payment services less complex, more efficient
and
secured for merchants. Thanks to its scalable, in-house and robust platform
and
its experienced management team, Ogone has built a prime, truly
international
client base with over 42,000 merchants, highly diversified in terms of
sizes,
segments or distribution channels. In 2012, with more than 280 employees,
Ogone
reached EUR 42 million of revenue, with an EBITDA margin of around 30%. The
recent
commercial initiatives, including the Barclaycard white-label contract win,
should generate a revenue growth in excess of 30% in 2013.
The acquisition of Ogone offers a sound financial rationale, with a strong
positive impact on both margin and growth profiles, while maintaining
leverage
under control. The acquisition is expected to be neutral on Ingenico 2013
EPS
and highly accretive on 2014 EPS before PPA. The secured financing of the
acquisition will consist in existing cash for EUR 120 million and in
committed
bank lines for EUR 240 million.
The consultation of Ingenico SA workers' council has been initiated. The
final
documentation and closing are expected in Q1 2013, in particular after
confirmation of non-opposition from the National Bank of Belgium.
The acquisition of Ogone is a key milestone in the execution of the Group
strategy offering unique synergies with Ingenico entities, notably easycash
and
ROAM", said Philippe Lazare, Chief Executive Officer of Ingenico.
"Combining
Ogone leading position in the online space with our unique position in the
point-of-sale and mobile space will enable us to address multi-channel
global
payment solutions for both merchants and acquirers, first in Europe and
then in
high potential geographies. I am very proud of this acquisition that will
benefit our employees, customers and shareholders. We look forward to
working
together. "
I'm very proud of today's announcement. I see both a strong strategic and
cultural fit between Ingenico and Ogone", said Peter De Caluwe, Chief
Executive
Officer of Ogone. "This will help us accelerate our strategic focus on
expanding
globally while further investing in product innovation. Our fraud
prevention
tools and financial services perfectly complement Ingenico's portfolio and
will
leverage their multi-channel strategy. This is exciting news for our
customers,
partners, banks and our employees and I look forward to bringing my strong
e-commerce expertise to Ingenico management board. "
It has been a pleasure to work with Ogone's exceptional management team",
said
Christian Strain, Managing Director of Summit Partners. "Our investment in
Ogone
exemplifies what Summit does best - partnering with excellent management
teams
to help them extend their market leadership."
Conference call
A conference call to discuss details of the transaction will be held on
January
29, 2013 at 9.30a.m. (Paris time). Dial in number: +33 (0)1 7099 3212
(French
domestic) or +44 (0)207 1620 177 (international).
This document includes forward looking statements relating to Ingenico's
future
prospects, development and business strategies. By their nature, forward
looking
statements involve risks and uncertainties and are not guarantees of future
performance. Ingenico's financial condition and results of operations and
the
development of the industry in which Ingenico operates may differ
materially
from those made in or suggested by the forward looking statements contained
in
this document. In addition, even if Ingenico's financial condition and
results
of operations and the development of the industry in which Ingenico
operates are
consistent with the forward looking statements contained in this document,
those
results or developments may not be indicative of results or developments in
future periods. Ingenico does not undertake any obligation to review or
confirm
analysts' expectations or estimates or to release publicly any revisions to
any
forward looking statements to reflect events that occur or circumstances
that
arise after the date of this document. In addition, the occurrence of
certain of
the risks described in the "Risk Factors" sections of the French language
Document de Référence 2011 filed with the Autorité des
marchés financiers (the
"AMF") on March 29 2012 under number D.12-0240 may have an impact on these
forward looking statements.
About Ingenico (Euronext: FR0000125346 - ING)
Ingenico is a leading provider of payment solutions, with over 20 million
terminals deployed in more than 125 countries. Its 4,000 employees
worldwide
support retailers, banks and service providers to optimize and secure their
electronic payments solutions, develop their offer of services and increase
their point of sales revenue. More information on www.ingenico.com |
twitter.com/Ingenico. |
About Ogone
Ogone is a leading payment service provider with global reach. Tens of
thousands
of online businesses worldwide trust Ogone to manage, secure and collect
their
online and mobile payments, help prevent fraud and drive their business.
Ogone's
scalable solution allows their customers to increase their checkout
conversion
and help them enhance sales, both domestic and cross-border. More
information
about Ogone Payment Services (www.ogone.com)
About Summit Partners
Summit Partners is a growth equity firm that invests in rapidly
growing
companies. Founded in 1984, Summit has raised nearly $15 billion in
capital and
provides equity and credit for growth, recapitalizations, and
management
buyouts. Summit has invested in more than 365 companies globally in
technology,
healthcare and other growth industries. Summit's notable investments in
the
e-commerce and financial services sector include 360T Group, AVAST
Software,
FleetCor Technologies, iPayment, vente-privee.com and Web
Reservations
International. More information on Summit Partners
(www.summitpartners.com).
INGENICO:
http://hugin.info/143483/R/1673738/544918.pdf
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Source: INGENICO via Thomson Reuters ONE
[HUG#1673738]
