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France-based payment services provider, Ingenico Group has acquired online payments provider, TechProcess. The transaction is set to be closed soon.
According to an official statement, Avendus Capital served as the exclusive financial advisor to TechProcess’ shareholders. Goodwin Procter LLP served as international legal counsel to TechProcesss’ shareholders.
With the deal, Ingenico Group aims to expand its network in the country and further offer cross-border services as well.
Launched in 2000, TechProcess is an online and mobile payment services provider. As per an official statement, it currently has 600 employees across 40 locations in India. The company offers payment facilitation services via online payments gateway, NACH, bill payments, and mobile payments.
Commenting on the development, Philippe Lazare, Chairman and CEO, Ingenico Group said, “Based on its already leading position in terminal market, Ingenico Group is making, with the acquisition of TechProcess, a major step in India, the fastest growing country in Asia. The combination of our assets places us in a unique position to benefit from India’s shift towards electronic payment transactions and to strengthen our leadership in Indian instore and online payment acceptance.”
In September last year, Bengaluru-based payment gateway Razorpay launched Unified Payment Interface (UPI). In October 2015, Citrus Pay also acquired Bangalore-based payment platform Zwitch for an undisclosed amount.
Other players in this segment include Razorpay, cloud-based Newgen Payments, MobiKwik, and PayU, etc.
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