Ogone Payment Services to acquire EBS

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Ogone Payment Services has signed an agreement to acquire EBS (E-Billing Solutions). This acquisition marks Ogone's foray outside of the European market and into expanding Indian on-line payments market. EBS is to continue to operate under its current management structure and market approach and is said to be responsible for running the operations and the continued expansion of the company. EBS is believed to retain its name and brand in the Indian market. The EBS board is supported by 3 members of the Ogone Payment Services Board.

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."

Peter De Caluwe, CEO, Ogone Payment Services 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."

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