INGENICO announces an agreement for the acquisition of Ogone, leading pan-European online payment services provider

INGENICO announces an agreement for the acquisition of Ogone, leading pan-European online payment services provider 
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 Reference 2011 filed with the Autorite
des marches 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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(ii) they are solely responsible for the content, accuracy and     
originality of the information contained therein. 
Source: INGENICO via Thomson Reuters ONE 
[HUG#1673738] 
INGENICO - Investors Contact
Catherine Blanchet
VP Investor Relations & Corp. Communication
catherine.blanchet@ingenico.com
Tel: +33 1.58.01.85.68 
INGENICO - Press Contact
Remi Calvet
VP Communication
remi.calvet@ingenico.com
Tel: +33 1.58.01.80.80