Hyderabad, September 23, 2011: EBS (E-Billing Solutions), the second largest on-line payment provider in India, has announced that Ogone Payment Services, one of Europe’s leading payment service providers, has signed a binding agreement 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.
However, 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.
Mr 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.”
Mr Peter De Caluwe, CEO of 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.”
EBS were advised by growth partnership firm IndigoEdge. Ogone, meanwhile, were advised on the deal by Brian, Garnier & Co, an independent pan-European investment bank focused on growth companies.
Shifting our Website to E Billing Solutions Payment Gateway has been the wisest decision we have made. The earlier payment gateway that we had was ....
Prabhu Ram, Co- Founder & COO, EBS
As eCommerce businesses in India are attracting large funds and valuation, at the same time service provider has also been able to find the best synergy for them. Earlier in a day Iamwire has reported about the acquisition of EBS by European payment service provider. In order to get more insight about the acquisition, Iamwire has interacted exclusively with Prabhu Ram, Co- founder and COO EBS. Here are the excerpts of the interaction.
How do you see the merger of EBS by Ogone payment services?
Indian eCommerce market is growing with unrelenting pace and consequently the services supporting the entire eCommerce phenomenon should also need to gear up for the burgeoning market. In fact for developing eCommerce market like India latest and international technology need to put forth for enabling the transaction process easy and hassle free for consumers. Through this merger, EBS's technological backbone would get strengthen along with the immense international experience of Ogone which would give us the perfect match. It would provide us technological edge, implementation and investment as well. While we have been getting attraction from some of the international players in past few months, however EBS has seen perfect match and synergy with Ogone.
In what ways this merger would help EBS? Please throw some light.
There are multiple spots where we can leverage Ogone expertise. Look as I have said Ogone has bulk of international experience, they are the main European service providers specialized in the processing of online payments, with more than 30.000 customers in 45 countries.We would be really looking to service the clients based in India, who are using Ogone services. The technological support of Ogone would enable us to reduce the real transaction time. Apart from that there are lots of eCommerce businesses, which are based in abroad and have a presence in India, so we would be able to partner them through Ogone channel.
Tell us something about your future plans after this merger?
Our approach and primary focus would be strengthening our domestic operations to harness the potential of the booming eCommerce market in India. EBS is registering 200 percent growth with every passing financial year from last three years. We would go on hiring spree very soon and expected to swell our work force by 50 percent.
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