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Bull announced today that it is merging its payment terminal activities with Ingenico as part of a deal in which Bull will exchange its interests against shares from Ingenico. With this agreement, Ingenico will become the number two supplier worldwide of payment terminals and Bull will be its biggest shareholder with 31% of the capital. As a result, Bull, a world leader in smart cards for banking, and Ingenico will benefit from this strategic, technological and commercial partnership.

The three objectives of this merger are:
- To offer leading microchip cards and terminals which combine the capabilities of the two companies, in particular their technological and security expertise
- To increase market coverage by combining each partner's geographic reach
- To share the R&D capabilities and resources, so that Bull will have overall responsiblity for the smart cards offer and systems integration, while Ingenico will manage the offering for terminals and readers.

This merger will strongly benefit from the existing synergies between Bull-Telesincro and Ingenico:
- In the area of sales & marketing, Bull-Telesincro is a major player in Latin America, the Iberian peninsula and Norway, complementing Ingenico's presence across the world
- In R & D, sharing development for future products will lower costs over increased volumes
- In manufacturing, Ingenico currently sub-contracts its production; in the future this will be carried out at Telesincro's factory.

As a result, this merger will create a European leader in research and development, manufacturing and in sales. Bull will market and sell Ingenico's offer in Norway, while a joint venture, held 51% by Bull and 49% by Ingenico, will market and sell the offer in the rest of Europe. In the Eastern European countries, including Russia and the Czech Republic, where Bull has an established presence, the terminals will be distributed by Bull sales channels.

For China, and all other Asian and African countries, (excluding Hong Kong, Morocco, Turkey and Singapore) Bull is acquiring the distribution rights for terminals from Ingenico. In all other countries, including the USA, Australia and New Zealand, Ingenico's existing distribution agreements will remain unchanged. Finally, Bull and Ingenico have agreed to co-operate closely on all future ventures, and to mutually support their respective offers. A proposal for this merger will be submitted at Ingenico's Board Meeting in early 1999.

Guy de Panafieu, President of Groupe Bull commented: "With this deal, Bull is reinforcing its strategy in securing information networks, especially in the development of electronic commerce and transactions over the Internet. The deal will benefit Bull, who will become Ingenico's leading partner, and Ingenico will benefit by becoming world leader in the payment terminals market."

Jean-Jacques Poutrel, CEO of the Ingenico group said: "The strategic alliance that Ingenico has just signed with Bull will allow Ingenico to reinforce its presence in Southern Europe and Latin America. It is also complementary to Ingenico's agreement signed with De La Rue for the acquisition of their Terminals and Systems division."

He added: "At the time of Euroland, the Ingenico group is now able to handle user demand for pan-european systems and products. After the agreements with Bull and De La Rue, Ingenico will take the lead in all markets except North America. This makes North America our next challenge which we plan to address immediately."


For further information, please contact:
Amanda Purdie or Sara Gourlay/Lucy Rich
Bull UK Press Office Profile Public Relations Limited
Tel: 0181 479 2751 Tel: 0181 948 6611
Email: amanda.purdie@bull.co.uk Email: sarag@profilepr.co.uk

Catherine Vincent
Bull SmartCards & Terminals
Tel: +33 139 66 4263
Or visit the Bull web-site: http://www.bull.co.uk

Jean-Jacques Roulmann Gerard Compain
Bull Group Communications Ingenico
Tel: +33 139 66 6102 Tel: +33 146 25 82 05
Jean-Jacques.Roulmann@bull.net

Notes to Editors :
About Bull Smart Cards & Terminals :
Bull Smart Cards & Terminals is the industry leader in the field of secured financial transactions. Bull designs, develops and markets global smart card solutions for financial, loyalty, transport, telecommunications, healthcare and other applications. Products include contact-contactless cards plus a full range of general purpose and EFT/POS terminals, automated teller machines, as well as associated software and services.

Bull Smart Cards & Terminals is the acknowledged industry leader in research, development and security related to smart cards & related terminals. The company is also the worldwide leader in electronic purse cards. Since inventing the microprocessor smart card in 1976, Bull has obtained more than 1200 patents in the field, and has received certification for smart card security that is the highest level ever achieved by a smart card.

In 1997, Bull Smart Cards & Terminals earned revenues of 1416 million of FF ($280 million). By relying on Bull international network, the division achieves 80% of the revenue abroad.

About Bull:
Bull is an international I.T. group based in Europe with 21,000 people and operations in nearly 100 countries. In 1997, Bull earned revenues of $4.2 billion including over 65% outside of France, its country of origin.

Bull offers a wide range of systems, infrastructure software and I.T. services, through focused innovation, alliances with the best partners and its own integration expertise.

In its industry, Bull is recognised for innovative products including Escala family of open servers, smart cards and software such as OpenMaster for secure management of systems and networks. In I.T. services, Bull is ranked in Europe as the third largest systems integrator and fifth in maintenance and support services. Information on Bull is available at: http://www.bull.com

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