Ingenico Group has announced a strategic partnership with Fosun (Fosun International Limited and its affiliates) to extend its development strategy in China.
Under the terms of the deal, the partnership will take the form of an investment by a fund managed by Fosun into Ingenico Group’s Hong Kong-based holding.
Over the last years, Landi, Ingenico Group’s Chinese subsidiary has significantly expanded its position with banks and payment services providers to become the number one payment terminal provider in China. At the same time, the Group launched several initiatives to expand beyond payment terminals, notably through ZIMPAY, a JV with Chinese telecom equipment provider ZTE, to deploy value-added services at Point of sales, in interaction with mobile phones.
Through this partnership, both companies will combine Ingenico Group’s technologies and know-how in payment with Fosun’s extensive foothold and investment capacity to further expand their position in the fast-growing Chinese payment ecosystem.
"We are very pleased to announce our strategic partnership with Fosun," commented Philippe Lazare, Ingenico Group’s Chairman and CEO.
"We entered the Chinese market in 2008 with the acquisition of Landi, which has captured tremendous growth over the years and is now the market leader in payment terminals. With Fosun on board, we are entering the next phase of our development strategy in China with the right partner. This is a unique opportunity to capture China’s growth potential in payment terminals and beyond. I am confident that this alliance will place us at the heart of the Chinese payment ecosystem."
"Fosun is very pleased to join hands with Ingenico Group, the world’s leading seamless payment solutions provider, in what will be our first partnership in the electronic trade industry. Ingenico Group’s Landi is China’s leading POS terminal provider, whose products and solutions are used in financial institutions all across China. We believe that this partnership will effectively combine our resources in financial services and Mobile Internet with Landi’s strong foothold , thus enhancing Fosun’s comprehensive financial capabilities while driving Ingenico Group’s growth in the electronic payment market in China", said Guo Guangchang, Chairman of Fosun.