France-based payment services provider, Ingenico Group has acquired online payments provider, TechProcess. The transaction is set to be closed soon.\r\n\r\nAccording to an official statement, Avendus Capital served as the exclusive financial advisor to TechProcess\u2019 shareholders. Goodwin Procter LLP served as international legal counsel to TechProcesss\u2019 shareholders.\r\n\r\nWith the deal, Ingenico Group aims to expand its network in the country and further offer cross-border services as well.\r\n\r\nLaunched 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.\r\n\r\nCommenting on the development, Philippe Lazare, Chairman and CEO, Ingenico Group said, \u201cBased 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\u2019s shift towards electronic payment transactions and to strengthen our leadership in Indian instore and online payment acceptance.\u201d\r\n\r\nIn 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.\r\n\r\nOther players in this segment include Razorpay, cloud-based Newgen Payments, MobiKwik, and PayU, etc.