Growth equity investor Summit Partners has entered into a binding agreement to acquire a majority stake in Ogone, a European service provider specialising in the processing of online payments.
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 chief executive Peter de Caluwe and founders, who will remain significant shareholders and advisers.
Ogone’s online payment platform solution extends across 35 countries and provides 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.
De Caluwe says: “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 utilise Summit’s financial experience, strategic resources and significant network to further expand Ogone’s international presence and grow our customer base.”
Christian Strain (pictured), a principal of Summit Partners who will join Ogone’s board of directors, adds: “We look forward to working closely with Ogone’s chief executive officer 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."
The transaction is expected to close by the end of May.