French payment processor Ingenico has agreed to acquire 100% equity stake in TechProcess Payment Services, an India-based electronic payments services provider, for undisclosed sum.
Established in 2000, TechProcess runs two payment products, BillJunction and PayNimo. The company currently employs approximately 600 people across 40 locations in India.
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The transaction will support the strategy of Ingenico Group in India, where it is the leader on the terminal market with nearly 50% market shares and a player in online payments through EBS, an Ingenico ePayments entity.
Commenting on the deal, Ingenico chairman and CEO Philippe Lazare 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,” Lazare added.
The deal is expected to close in the first quarter of 2017.
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