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Founded Employees Financing Rounds 3. Investments 1. Net General Information Description Provider of Internet protocol based payment gateway solutions for merchants in the United States and internationally.
Formerly Known As. Visa has shown no desire to enter our merchant account business, so I feel they are a good neutral party. And we already have a working relationship with Visa, via the interchange fees that we pay to them and general processing compliance, as well as PCI compliance matters.
It enables Visa to collect more fees from online transactions, and gets them closer to managing risk involved with transaction data going over the Internet.
I would expect that MasterCard will follow suit with a similar acquisition at some point. Also, those competing gateways will be relying on Visa, in part, for PCI and general compliance approval. Net for its customers. That letter reads, in part:. The way you work with our company and partners will remain the same, as will our commitment to deliver the highest quality service and support.
Looking ahead, we anticipate being able to provide you even more innovation and greater global reach. As examples of this:. Screen shot of Authorize. CyberSource buys Authorize. The acquisition joins two highly complementary businesses, positioning CyberSource to further capitalize on the growing web-based payment opportunity. Both companies are leaders in enabling e-commerce businesses to accept online payments for goods and services. CyberSource, with approximately 20, customers, has traditionally focused on managing payments for mid-sized and enterprise customers.
Net, with over , customers, has specialized in small businesses. Collectively, the companies processed approximately 1. The acquisition will enable CyberSource to provide leading payment solutions to all segments of the e-commerce industry. This combination helps secure our leadership position, and gives us more resources to bring innovative payment solutions to our customers and partners.
We believe this combination creates a unique global platform to allow us to better serve the industry and positions CyberSource to support new business opportunities as more payment types migrate to web-based platforms.
Net shareholders will receive 1. Net common stock. The agreement was approved by the boards of directors of both CyberSource and Authorize. Subject to obtaining applicable shareholder approvals and satisfaction of all regulatory requirements, the transaction is expected to close in late September or early October
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