Ingenico SA projects $1.2 billion in annual revenue by 2013, the French point of sale terminal maker said during an investor presentation last week.

The company reported 2009 revenue of $953.6 million.

Much of the growth will come from recurring revenue, such as transactions from easycash Beteiligungen GmbH, a German payment processor Ingenico bought in 2009.

"By combining organic growth, internationalization of our services and focused acquisitions, we will expand recurring revenue contribution up to around 40% in 2013," Philippe Lazare, Ingenico's chairman and chief executive, said Wednesday in a press release.

Those targets are achievable, said Gil Luria, vice president of equity research at Wedbush Securities Inc., a Los Angeles equity research firm.

He said about 30% of Ingenico's 2010 annual revenue would come from recurring transactions.

"They can get to 40% as they offer more services," Luria said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.