Summit Partners has agreed to acquire a majority stake in European online payment processing company Ogone SA/NV. No financial terms were disclosed.
Ogone SA/NV, one of Europe’s leading service providers specializing in the processing of online payments, announced today that growth equity investor Summit Partners has entered into a binding agreement to acquire a majority stake in the company. Financial terms of the transaction were not disclosed.
As part of the transaction, Ogone will remain an independent company. Summit Partners is partnering with the existing management team, led by Ogone’s CEO Peter de Caluwe and founders, who will remain significant shareholders and advisors.
Ogone’s online payment platform solution extends across 35 countries and provides sophisticated payment processing services to more than 20,000 merchants. The company has a network of more than 150 bank and acquirer connections, and offers in excess of 40 payment methods. Founded in Brussels in 1996, Ogone has grown rapidly throughout Europe and today has offices in Belgium, the Netherlands, France, Germany, Switzerland, Austria and the United Kingdom.
Ogone CEO Peter de Caluwe said, “Summit Partners brings invaluable experience in online services and technology investments, and is uniquely positioned to help drive the rapid expansion of our business. We will utilize Summit’s financial experience, strategic resources and significant network to further expand Ogone’s international presence and grow our customer base.”
Christian Strain, a Principal of Summit Partners who will join Ogone’s board of directors, said: “We look forward to working closely with Ogone’s CEO Peter de Caluwe and the rest of the management team to continue growing this exceptional company. The online payment services industry continues to grow in size, technological complexity, and in global reach. Ogone, with its leading edge platform, is ideally positioned to serve this marketplace.”
“Under the exceptional leadership of its founders, CEO and its management team, Ogone has grown rapidly since its inception. We are delighted to be an investor in the business,” added Scott Collins, a Managing Director with Summit Partners who is also joining the board.
The transaction is expected to close by the end of May. Ogone was advised on the transaction by White & Case, LLP, Credit Suisse Securities (Europe) Limited and Petercam. Summit Partners was advised by Kirkland & Ellis, LLP and NIBC Bank N.V.
About Ogone SA/NV
Ogone (www.ogone.com) is one of the leading European payment service providers with more than 20,000 customers across 35 countries. The company delivers manual to fully integrated solutions for managing electronic payments in several domains including e-commerce, ticketing, call centers, airlines and travel in both business to consumer or business to business (purchasing cards) environments. Leading organizations using Ogone for payment services include IKEA, Nespresso, DHL International, Thalys International, Home Shopping Service, ThomasCook, SeaFrance, Lyreco, Institut National de l’Audiovisuel, Lavazza and Hilton.
About Summit Partners
Summit Partners (www.summitpartners.com) is a growth equity investor that provides private equity and venture capital to rapidly growing companies. Founded in 1984, Summit has raised more than $11 billion in capital and has provided growth equity, recapitalization and management buyout financing to more than 300 growing companies across a range of industries and geographies. Summit Partners seeks outstanding management teams that have built their companies to market leadership. Summit’s notable investments in the e-commerce and payment sectors include FleetCor Technologies, Global Cash Access Holdings, iPayment, Vente-Privee.com and Web Reservations International.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20-22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.