France-based seamless payment provider Ingenico Group announced that it will buy Swedish company Bambora from Nordic Capital for 1.5 billion euros. With this acquisition, the Ingenico aims to expand its digital footprint.
“Bambora will enhance our customer-centric approach and will reinforce our online and in-store positioning through a perfect complementarity,” commented Ingenico Chairman and Chief Executive Philippe Lazare.
The deal will also increase Ingenico’s presence online and in stores in the Nordics, Australia, and the US.
“With our one stop shop payment services, our cross border acquiring capabilities and our customers’ digital approach, Bambora fits perfectly with Ingenico’s strategic initiatives to address market evolutions and focus on merchants’ needs. The combination of our scalable end-to-end solutions with Ingenico’s assets will create great value for our customers by helping them to drive performance. I am very excited about pursuing our development alongside Ingenico and being fully involved in the integration process to offer a world class experience to our customers.” said Johan Tjärnberg, CEO of Bambora.
Headquartered in Stockholm, Bambora employs overs 700 people across Europe, Australia, and the US. The offers a one-stop shop solution to address both large corporations and small businesses. Bambora delivers in-store, mobile and online services through end-to-end payment solutions for over 110,000 merchants and enterprises globally. The backbone of its offers consists of a merchant acquiring platform and a customer centric approach relying on an in-depth expertise of full-service offering and value-added services such as fast digital onboarding or data analytics.
In 2016 the company, whose model generates more than 90% recurring revenue, was able to demonstrate a gross revenue of €202 m. Ingenico, which also reported higher first-half profits and sales last week, expects the Bambora takeover to boost its earnings per share by around 5 percent by 2018 and said it hoped to close the deal by the end of 2017.