Payments pick-ups continue as Ingenico strikes €1.5B Bambora deal
July 21, 2017
France-based Ingenico has agreed to acquire payments business Bambora from Nordic Capital for €1.5 billion. The cash and debt deal nets Ingenico a company which generated revenues of €202 million in 2016, and serves more than 110,000 clients.
Bambora was formed just two years ago by the combination of six Nordic portfolio businesses. Since then, it has expanded its presence in the US with the acquisition of Beanstream Internet Commerce, and continued its growth by adding 15,000 new customers in the first half of this year.
While the acquisition will add to Ingenico's digital capabilities for European SMEs, the deal will also boost the company's footing in Australia, as well as net it a fast-growing business in an industry with heavy consumer demand. Bambora's gross revenue and EBITDA are expected to grow by 20% and 30%, respectively, over the next two years. Ingenico (EPA: ING) closed up 5% on Thursday.