Go2Net Buys Payment Authorization Service
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Go2Net Inc. Thursday acquired Authorize.Net Corp., a payment authorization service for online businesses, for $90.5 million in cash and stock.
Go2Net will pay $77 million in stock and $13.5 million in cash. The purchase price may be increased if Authorize.Net's revenues meet unspecified targets over the next two years.
Authorize.Net provides server-based transaction processing that enables businesses to process, authorize and manage credit card and electronic check purchases. The company currently has more than 34,000 subscribers. The company's 22 employees and co-founders David Heaps and Jeff Knowles will remain with Authorize.Net which is headquartered in Provo, Utah.
"This is also significant in adding further diversification of Go2Net's foundation of revenue sources," he said.