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.
