France's Ingenico buys India's PE-backed TechProcess
French electronic payment service provider Ingenico has agreed to buy TechProcess, an Indian developer of online and mobile payment services backed by several VC investors.
The deal, which is expected to close in the first quarter of 2017, will see Ingenico acquire 100% of TechProcess, according to a release. Financial details of the transaction have not been disclosed, though media reports indicated Ingenico paid about INR6 billion ($89 million).
Founded in 2000, TechProcess was one of the earliest movers in India's online payments space. Its best-known products are online bill payment gateway Bill Junction and mobile payments provider Paynimo. The company also offers an online platform for recurring payments.
TechProcess was incubated by ICICI Venture, which remains an investor in the company. Its VC backers include Battery Ventures, Nokia Growth Partners and Greylock Partners, all of which will exit in the acquisition along with ICICI.
Ingenico already has a significant presence in India, with a 50% market share in credit and debit card readers in the country and an online payment subsidiary, E-Billing Solutions. The company expects India’s digital payment space to grow rapidly in the coming years thanks to increasing mobile internet penetration and government initiatives such as the recently announced demonetization policy, and hopes to take advantage of TechProcess’s existing relationships with merchants and banks as it expands its presence in the sector.
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