RealTime IT News

CyberSource Goes Gold

Business e-commerce firm CyberSource Corp. Tuesday went shopping to purchase ExpressGold Inc., an online developer of gift certificates for e-tailers, in an all stock deal.

The acquisition, worth approximately $72 million, is an expansion of CyberSource's (CYBS) transaction services to business customers. ExpressGold will incorporate its services into CyberSource's suite of offerings, including virtual and physical gift certificates, corporate incentive certificates and promotional certificates.

All are part of CyberSource's strategy to offer a variety of pre-paid payment services to its customers, according to Bill McKiernan, chairman and chief executive officer for CyberSource.

"ExpressGold's extensive experience in stored value systems, the gift certificate industry and the Internet allows CyberSource to serve...online business needs and further expand the range of service offerings available in the CyberSource Internet Commerce Suite," he said.

Tuesday's deal follows an agreement in October in which CyberSource teamed with Visa to co-develop a fraud protection tool.