Private equity investor Summit Partners is to acquire a majority stake in online payment processing company Ogone.

Private equity investor Summit Partners is to acquire a majority stake in online payment processing company Ogone.

Ogone, which has offices in seven European countries including the UK, will continue to be led by current CEO Peter de Caluwe following the deal, which is expected to close by the end of this month. Financial terms of the deal were not disclosed, but the company’s founders and de Caluwe are to remain ‘significant shareholders’.

Says de Caluwe, ‘We will utilise Summit’s financial experience, strategic resources and significant network to further expand Ogone’s international presence and grow our customer base.’

Summit’s principal Christian Strain and the firm’s managing director Scott Collins will join Ogone’s board on completion.

Says Strain, ‘The online payment services industry continues to grow in size, technological complexity, and in global reach.’

Ogone was founded in Brussles in 1996 and now provides payment processing services to more than 20,000 sellers.