French payments specialist Ingenico Group has agreed to acquire Swedish payment services firm Bambora for €1.5bn ($1.73bn) from Nordic Capital.

The deal is a key milestone toward taking a ‘disruptive approach’ to payment services as Bambora focuses on in-store, mobile and online services, Ingenico said in its press statement.

Bambora currently employs over 700 people across Europe, North America and Australia. It generated gross revenues of €202m in 2016. It has 110,000 customers and processes transaction to a value of €55bn annually.

The French firm said it will finance the transaction fully through available cash and debt.

Commenting on the deal, Ingenico chairman and CEO Philippe Lazare said: “The acquisition of Bambora represents a key milestone in our strategic plan providing a more integrated client offering and omnichannel solutions. Coupled with the investments made in our platforms and the development of new technological features, Bambora will enhance our customer centric approach and will reinforce our online and in-store positioning through a perfect complementarity.

“This transaction will be additive to our growth profile and will create value for our shareholders, customers and employees. In parallel, our half-year performance enables us to reiterate our 2017 objectives.”

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By GlobalData

Bambora’s takeover by Ingenico follows Vantiv’s decision to buy British payment processor Worldpay for £7.7bn ($10bn).

Also, very recently Worldline also agreed to acquire Digital River World Payments.