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CyberSource to Buy Authorize.net |
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E-payment and risk management firm CyberSource Corporation is to acquire
IP-based payment provider Authorize.Net Holdings.
The stock and cash transaction is valued at approximately US$565 million, as of
the close of the Nasdaq Global Market System on 15 June.
CyberSource, with approximately 20,000 customers, has traditionally focused on
managing payments for mid-sized and enterprise customers. Authorize.Net, with
more than 175,000 customers, has specialized in small businesses.
Authorize.Net shareholders will receive 1.1611 shares of CyberSource common
stock for every share of Authorize.Net common stock.
Shareholders will receive a pro-rata share of approximately $125m in the form
of a cash payment. The agreement was approved by both boards of directors.
Subject to applicable shareholder approval and satisfaction of all regulatory
requirements, the transaction is expected to close in late September or early
October 2007.
On the close of the transaction, Robert Donahue, currently a member of the
board of Authorize.Net Holdings, will join the board of CyberSource.
In conjunction with the anticipated transaction, Scott Cruickshank, president
and chief operating officer of CyberSource, has agreed to resign from the board
of CyberSource.
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