French payment solutions provider Ingenico Group has expanded its footprint in Japan by acquiring a 70% stake in its local distribution partner Lyudia.
Owned by BroadBand Tower (BBT), Lyudia distributes and maintains Ingenico Group payment terminals and develops payment software to obtain local certifications.
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Ingenico in a statement said that BBT will remain its partner in Japan and will retain a 30% stake in Lyudia.
Since February 2014, the two entities have been in a collaboration agreement to provide a range of services, from software development, to certification, logistics, maintenance and support in the country.
Ingenico Group CEO Philippe Lazare said: "This acquisition is a key milestone in our development in Japan, the second largest retail market in the world.
"We are delighted to work more closely with the Lyudia team. This move illustrates how fast our 2020 strategic plan is executed. In addition to that, a strengthened local presence in Japan will also be an opportunity to expand our omni-channel offer in the mid-to-long term."
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By GlobalDataCommenting on the acquisition, Lyudia president Takane Nakamura said: "By becoming a subsidiary of Ingenico Group, we will be able to accelerate the deployment of solutions compliant with EMV and PCI-DSS to the market toward 2020.
"We will also provide unparalleled payment technologies to our customers in the context of greater demand for inbound tourism and omni-channel market."
