Ogone Payment Services buys Indian firm EBS

MUMBAI, INDIA: EBS (E-Billing Solutions), an online payment provider in India, on Friday announced that it has been acquired by Ogone Payment Services, a European payment service provider.

This acquisition marks Ogone’s first foray outside of the European market and into the rapidly expanding Indian online payments market, said a press release.

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.

“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.

Peter De Caluwe, CEO of Ogone Payment Services, said, “Only 8.4 per cent 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 per cent of the commerce in India.”

He added that the acquisition of EBS represents a huge potential for the company and its European merchants.