2013-01-29 07:03:43 -
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
Paris - January 29, 2013 - 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 € 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 €20m 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 € 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 € 120 million and in committed
bank lines for € 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 - Investors Contact INGENICO - Press Contact
Catherine Blanchet Rémi Calvet
VP Investor Relations & Corp. Communication VP Communication
catherine.blanchet@ingenico.com remi.calvet@ingenico.com
Tel: +33 1.58.01.85.68 Tel: +33 1.58.01.80.80
INGENICO:
hugin.info/143483/R/1673738/544918.pdf
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