French payment security company Ingencio has sued U.S. private equity firm Francisco Partners, for breach of a non-disclosure agreement. A brief statement did not explain why Ingencio and Francisco had such an NDA in the first place, but does assert that Francisco violated the document by agreeing to help finance Hypercom Corp.’s $120 million acquisition of Thales’ E-Transactions business.
Ingencio says that the Hypercom transaction — announced in December with a $60 million senior credit facility from Francisco — used “Ingencio confidential information” and breached additional obligations under the NDA. It “insists that Francisco Partners must immediately withdraw from the proposed commitment.”
No formal response yet from Francisco, which is to be named in the suit alongside partner Keith Geeslin.