Summit Partners sells Ogone to Ingenico for €360m

The transaction is expected to close in the first quarter. Ingenico will pay €120m in cash with the remaining €240m consisting of committed bank lines. Ogone posted a €42m turnover with an EBITDA margin in excess of 30% last year, resulting in an entry multiple of more than 25x EBITDA for Ingenico.

Summit Partners acquired a majority stake in Ogone in 2010. Ogone's founders and existing management team, led by CEO Peter de Caluwe, remained significant shareholders alongside Summit.

Company
Founded in 1996 in Brussels, Ogone is a developer of online payment solution used by more than 42,000 merchants. It employs more than 280 staff and posted a €42m turnover in 2012, with an EBITDA margin of around 30%. The company expects to see revenue growth in excess of 30% in 2013.

People
Christian Strain represented Summit Partners on the deal. Peter de Caluwe is CEO of Ogone.

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