Ingenico Group, which has a 50% market share of credit card swipe machines installed in India, has acquired TechProcess Payment Services, an electronic payment company which owns Billjunction.
|Deal||Ingenico Group acquires 100% securities in TechProcess Payment Services|
|Law firms||Khaitan & Co: Ingenico Group, BMR Legal: TechProcess Payment Services|
|Partners/Heads||Khaitan & Co: Rabindra Jhunjhunwala, Sameer Shah, Adheesh Nargolkar BMR Legal: Amit Khansaheb|
Khaitan & Co acted as the Indian legal counsels for Ingenico with the core transaction team comprising of partners Rabindra Jhunjhunwala, Sameer Shah along with Associate Yashvi Singh. The core team was assisted by Senior Associate Pranay Bagdi and Associates Avantika Govil, Adithya Iyer, Arindam Bhattacharjee, Ankit Chavan. Intelletual property aspects of the transaction were handled by a team led by Adheesh Nargolkar along with Senior Associate Raj Rao and Counsel Shailendra Bhandare.
BMR Legal team was led by Partner Amit Khansaheb along with Principal Rishi Jain and Managing Associate Tejas Patel.
Goodwin Procter LLP served as international legal counsel to TechProcesss’ shareholders.
Ingenico’s acquisition comes four months after another payments company – Naspers-owned PayU acquired rival Citrus Pay for $130 million in cash.
Founded in 2000, TechProcess is one of the oldest payment gateways. It was originally incubated by ICICI Venture and now has Greylock Partners, Battery Ventures, Nokia Growth Partners and W Capital Partners as investors.
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