European payment-services provider Ogone Payment Services has signed an agreement with Hyderabad-based online-payment solutions player EBS to acquire the latter.
“This deal is for 100 per cent sale in the form of cash and shares. The financials are not being disclosed,” Mr Nishanth Chandran, Co-Founder and Chief Executive Officer of EBS, told Business Line here on Friday.
However, EBS will retain its management structure and will be responsible for the operations.
At present, EBS has 90 employees on its rolls with offices in Chennai, Mumbai, Hyderabad, Bangalore, Delhi, Kolkata and Thiruvananthapuram.
EBS now has over 55 payment options with a 20 per cent market share in terms of merchant base in the Indian payment-gateway industry, which has about 15,000 merchants now, Mr Chandran added.
Its clientele included Flipkart, Snapdeal, Apollo Hospitals, CtrlS, Aircel and Telebrands.
“Only 8.4 per cent of the Indian market is currently online but this translates to 100 million users. Acquiring EBS represents a huge potential for us,” Mr Peter De Caluwe, chief executive of Ogone Payment Services, said in a statement.