Ingenico

History

2023: Customer Payment Data Theft

In mid-February 2023, Gi7w0rm analysts specializing in identifying cyber threats and covering relevant events reported that Ingenico had been hacked by the Snatch hacker group. Attackers specialize in ransomware virus attacks.

Snatch Team announced on February 15, 2023 that they had stolen data from technology company Ingenico. The company is a manufacturer of POS systems and Solutions SaaS, and in Germany systems from Ingenico can be found in almost every store.

Customer payment details stolen from Ingenico

According to the Gi7w0rm, the evidence released in mid-February 2023 includes edited details of the credentials of computer network administrators. The data was used to gain privileged access to Ingenico computer systems, as well as network and VPN configuration plans. About 2.5 thousand internal applications of the company in 37 countries have been compromised, which jeopardizes the conduct of business not only for the technology company, but also for their customers as a whole. Hackers from the Snatch group claim to have Ingenico insider information confirming that this is not the first such violation that the payment firm suffered.

Ingenico's overall level of security has been poor over the years, starting in 2010, but they have ignored reasonable offers from various security providers, according to analysts. According to Gi7w0rm, Ingenico boasts a significant list of customers and employees who may now be victims, claiming 40 million terminals using its services around the world, and 4 thousand employees in 80 offices.

Ingenico as of February 2023 is a partner of large domestic banks - Sberbank, VTB, Rosselkhozbank, Promsvyazbank and others. On the official Ingenico website, Russia has already disappeared from the list of countries where the company's units are located in connection with the start of a special military operation of the Russian Federation in Ukraine at the end of February 2022. Although the manufacturer did not officially announce the departure.^[1]

2020: Worldline buys Ingenico for €7.8 billion

On February 3, 2020, Worldline announced the purchase of Ingenico for €7.8 billion. This merger will create Europe's largest and the world's fourth payment operator. The deal is scheduled to close in the third quarter of 2020.

Under the terms of the agreement, Worldline will pay 16% more than the market capitalization of Ingenico, which was following the results of the exchange session preceding the transaction. Wordline intends to pay for the purchase by 81% in its own shares and 19% in cash.

Worldline announced the purchase of Ingenico for €7.8 billion

The contract implies that Worldline shareholders will own 65% of the combined company, while Ingenico shareholders will receive the remaining 35%. Ingenico shareholders will receive 11 Worldline shares and 160.5 euros for every 7 shares of the company.

Gilles Grapinet will be appointed CEO of the new company. Ingenico chairman Bernard Bourigeaud will receive the position of non-executive chairman of the board of directors.

According to Bourgeau, this association of companies "offers a unique opportunity to create an undisputed payment champion in Europe on a par with the largest international players."

The revenue of the combined company is expected to be €5.9 billion. It will have 20 thousand employees, and physically the company will be present in 50 countries of the world. The number of its clients among trading companies will be 1 million, financial institutions - 1.2 thousand.

The financial technology sector is rapidly consolidating, and this is confirmed by major mergers in 2019, notes. Reuters According to analysts, by McKinsey 2023 the volume of payments around the world should reach $3 trillion a year, as more and more people switch from cash to digital operations.

Amid news of the purchase of a competitor, Worldline shares fell 3.29% to 61.65 euros. At the same time, the value of Ingenico securities increased by 12.85% and amounted to 118.05 euros.^[2]

Notes