Visa to trump eCommerce
(23 April 2010 – Global) Visa has announced an agreement to purchase CyberSource Corporation, a leading provider of electronic payment, risk management and payment security solutions to online merchants for US$2.0 billion (A$2.15 billion).
Visa latest acquirement, CyberSource, is an established industry player that processes approximately 25 percent of all eCommerce dollars transacted in the United States. The company also serves more than 295,000 merchants through its CyberSource and Authorize.Net branded solutions.
CyberSource’s list of clients includes, British Airways, Home Depot, Facebook, Google and many other small businesses.
Visa sees the acquisition of CyberSource as resulting in a compelling combination of assets and expertise that are expected to drive long-term growth for the credit card giant.
The two companies have previously worked together, having partnered since 1999, and currently collaborate on risk models built into CyberSource's automated fraud management solutions.
Joseph Saunders, chairman and CEO of Visa Inc, said that online commerce continues to grow rapidly, and this acquisition will enable Visa to offer new and enhanced services that will better meet the growing demand among merchants globally for robust, secure online payment processing capabilities which in turn will grow the entire eCommerce category.
With CyberSource, Visa is adding a new suite of leading eCommerce capabilities and experience in addressing eCommerce merchant needs. And, as eCommerce increasingly migrates to mobile devices, the firm believes that the combination of Visa and CyberSource technology and services will position Visa to lead in mobile eCommerce, Mr Saunders added.
CyberSource’s list of clients includes, British Airways, Home Depot, Facebook, Google and many other small businesses.
Visa sees the acquisition of CyberSource as resulting in a compelling combination of assets and expertise that are expected to drive long-term growth for the credit card giant.
The two companies have previously worked together, having partnered since 1999, and currently collaborate on risk models built into CyberSource's automated fraud management solutions.
Joseph Saunders, chairman and CEO of Visa Inc, said that online commerce continues to grow rapidly, and this acquisition will enable Visa to offer new and enhanced services that will better meet the growing demand among merchants globally for robust, secure online payment processing capabilities which in turn will grow the entire eCommerce category.
With CyberSource, Visa is adding a new suite of leading eCommerce capabilities and experience in addressing eCommerce merchant needs. And, as eCommerce increasingly migrates to mobile devices, the firm believes that the combination of Visa and CyberSource technology and services will position Visa to lead in mobile eCommerce, Mr Saunders added.
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