CyberSource Announces Completion of Authorize.Net Acquisition
Conference call to discuss Q4 guidance for combined entity scheduled for November 8
MOUNTAIN VIEW, Calif. and MARLBOROUGH, Mass., Nov. 1 -- CyberSource Corporation, (NASDAQ:CYBS), a leading provider of electronic payment and risk management solutions, today announced that it has completed the acquisition of Authorize.Net Holdings, Inc. (NASDAQ:ANET) of Marlborough, Massachusetts. CyberSource first announced an agreement to acquire Authorize.Net Holdings on June 18, 2007. Requisite stockholder approvals have been obtained and all regulatory requirements have been met.
The acquisition was a stock and cash transaction valued at approximately $662 million, based on the closing price of CyberSource common stock on October 31, 2007. Under the terms of the merger agreement, Authorize.Net stockholders will receive 1.1611 shares of CyberSource common stock for every share of Authorize.Net common stock. Additionally, Authorize.Net stockholders will receive a pro-rata share of $125 million, or approximately $4.42 per share, in the form of a cash payment.
As a result of the acquisition, CyberSource now has approximately 217,000 customers, ranging in size from home-based businesses to some of the largest enterprises in the world.
"Consummation of this deal affirms our commitment to becoming the world's premier payment management company," said Bill McKiernan, CyberSource chairman and chief executive officer. "CyberSource has long been a leader in bringing eCommerce to mid-sized and larger companies; Authorize.Net is a leader in providing similar services to small businesses. The combination of our two companies helps secure our leadership position in eCommerce and gives us more resources to bring innovative payment solutions to our customers and partners."
"Authorize.Net has been an exceptional success story over its 11 year history," said Robert E. Donahue, Authorize.Net Holdings, Inc. president and chief executive officer, "rewarding our customers and stockholders with exceptional value. I believe the additional resources and talent that will come as part of our joining forces with CyberSource will yield an even more competitive entity, fully prepared to lead eCommerce into the decades ahead."
CyberSource will hold a conference call to discuss financial guidance for the fourth quarter of 2007 after the close of regular market trading on Thursday, November 8th, 2007. Bill McKiernan, CyberSource's chairman and CEO and Steve Pellizzer, CFO will lead the call. The conference call will take place at 4:30 p.m. Eastern (1:30 p.m. Pacific) and can be accessed by either of the following methods:
Live conference call (888) 585-4496 (U.S. and Canada), (706) 634-9580 (local and international). The call's conference ID number is: 22806948. A taped replay of this call will be available through December 8th 2007. The dial-in numbers for the taped replay are: 800-642-1687 (U.S.) 706-645-9291 (local and international). Conference ID is as above.
Live web cast - www.cybersource.com/cgi-bin/ir.pl A replay of this web cast will remain available at this location through December 8th, 2007.
About CyberSource
CyberSource Corporation is a leading provider of electronic payment and risk management solutions. CyberSource solutions enable electronic payment processing for Web, call center, and POS environments. CyberSource also offers industry leading risk management solutions for merchants accepting card-not-present transactions. CyberSource Professional Services designs, integrates, and optimizes commerce transaction processing systems. Approximately 217,000 businesses use CyberSource solutions, including half the companies comprising the Dow Jones Industrial Average. The company is headquartered in Mountain View, California, and has sales and service offices in Japan, the United Kingdom, and other locations in the United States. For more information, please visit CyberSource's web site at www.cybersource.com/ or email info@cybersource.com.
FCMN Contact: bfrymire@cybersource.com
Source: CyberSource Corporation
CONTACT: Bruce Frymire of CyberSource Corporation, +1-650-965-6042, bfrymire@cybersource.com
Web site: www.cybersource.com/
http://www.authorize.net/
