Ogone Payment Services has entered the expanding Indian payments market with the acquisition of E-Billing Solutions (EBS). 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 three members of the Ogone Payment Services Board.
“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” said Peter De Caluwe, chief executive officer (CEO) of Ogone Payment Services.
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