EBS
(E-Billing Solutions), an on-line payment provider in India, announced that
Ogone Payment Services, a payment service provider in Europe, is set to acquire
the company.
This acquisition
marks Ogone’s first foray outside of the European market and into the rapidly
expanding Indian on-line payments market.
EBS will continue to operate under its current
management structure and market approach and will be responsible for running
the operations and the continued expansion of the company. EBS will also retain
its name and brand in the Indian market. The EBS board is supported by 3
members of the Ogone Payment Services Board.
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,” said Nishanth Chandran, co-founder and CEO of EBS.
Only 8.4
percent 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 percent of
the commerce in India. Acquiring a leading company such as EBS represents a
huge potential for us and our European merchants,” said Peter De Caluwe, CEO of
Ogone Payment Services.
By Telecomlead.com Team
editor@telecomlead.com
