Acquisition of CyberCash
assets will add 20,000 more merchants
Mountain View, California, April 23, 2001 - VeriSign, Inc.
(Nasdaq: VRSN), the leading provider of Internet trust services, today
announced that it added more than 6,000 new online merchants to its
payment services platform during the first quarter of 2001, bringing
its total number of active merchants to over 20,000, up 33 percent from
total active merchants at the end of 2000. In addition to new customers
gained in the first quarter, VeriSign expects to double its base of
online merchants by adding more than 20,000 customers following its
acquisition of CyberCash's North American service assets.
With VeriSign's Payment Services, online merchants
are able to process a full spectrum of payment types, including credit,
debit and purchase cards, Internet checks, and automated clearing house
(ACH) transactions over the Internet. VeriSign's Payment Services leverage
a highly scalable and reliable Internet payment platform, connecting
every major payment network within the U.S. and offering online merchants,
buyers and suppliers an easy-to-deploy payment solution at an innovative
flat-fee monthly subscription.
"Our customers are looking for a value proposition
that will allow them to get their business online quickly while ensuring
the integrity of their payment transactions," said Doug Wolford,
senior vice president and general manager, Web Presence Services, VeriSign.
"We continue to see thousands of companies with solid business
models seek us out as they put their businesses online."
On April 13, VeriSign and First Data Merchant Services
(FDMS) successfully bid on CyberCash's operating assets; the bid was
approved by CyberCash's Board of Directors and the bankruptcy court
as of April 17. VeriSign will acquire CyberCash's North American payment
services operations and FDMS will acquire CyberCash's software. The
acquisition is expected to close May 1. VeriSign is currently developing
a plan to integrate CyberCash's payment services assets and customer
base into its core payment services unit.
"Our acquisition of CyberCash's operational
assets provides us with an increased depth of resources in the payment
services business," Wolford said. "The combination of our
strong technology platforms and infrastructure will enable us to enhance
our offerings and increase our value to customers."
Further strengthening its payment services business,
VeriSign also announced a partnership earlier this month with eONE Global
LP, a leader in emerging payment technologies for Internet and wireless
applications. Under the agreement, VeriSign and eONE will co-market
each other's products and services as well as co-develop solutions to
increase secure payment options for a broad range of businesses engaged
in B2C and B2B e-commerce.
About VeriSign Payment Services
In addition to its innovative flat fee pricing model, VeriSign's Payment
Services platform offers a growing menu of enhanced services including
fraud screening, interoperability with more than 75 e-commerce applications
and the ability to connect seamlessly to all major back-end payment
processors such as American Express, EDS, FDC, Nova, Paymentech, Wells
Fargo, Telecheck and Vital. VeriSign's Payment Services are also integrated
with B2C and B2B platforms from leading providers including Ariba, Intuit,
Avolent Inc., Microsoft and Intershop. Unlike other HTTP-based payment
solutions, VeriSign's TCP/IP-based service maintains data securely during
the entire authorization process, providing a risk- and trouble-free
transaction. Notable customers include CBS Sportsline, Webvan, wine.com
and WebMD.
About VeriSign
VeriSign, Inc. (Nasdaq:VRSN)
is the leading provider of trusted infrastructure services to Web sites,
enterprises, electronic commerce service providers and individuals.
The company's domain name, digital certificate and payment services
provide the critical Web identity, authentication and transaction infrastructure
that online businesses require to conduct secure e-commerce and communications.
VeriSign's services are available through its Web site (www.verisign.com)
or through its direct sales force and reseller partners around the world.
###
Statements in this announcement other than historical data and
information constitute forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements involve risks and
uncertainties that could cause VeriSign's actual results to differ materially
from those stated or implied by such forward-looking statements. The
potential risks and uncertainties include, among others, VeriSign's
limited operating history under its current business structure, uncertainty
of future revenue and profitability and potential fluctuations in quarterly
operating results, increased competition, risks associated with the
company's international business and risks related to potential security
breaches. More information about potential factors that could affect
the company's business and financial results is included in VeriSign's
filings with the Securities and Exchange Commission, especially in the
company's Annual Report on Form 10-K for the year ended December 31,
2000. VeriSign undertakes no obligation to update any of the forward-looking
statements after the date of this press release.
VeriSign is a registered trademark of VeriSign,
Inc. Other names may be trademarks of their respective owners.
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