CyberCash, which is aiming to become the driving force in the secure payment transaction market, said the acquisition of ICVERIFY will enable the company to integrate its own Internet offerings with ICVERIFY’s leading software solutions for authorizing Internet payments.
After the completion of the merger, which is expected in the second
quarter of 1998, ICVERIFY will become a wholly owned subsidiary of
On the personnel side, CyberCash said that F. Thomas Aden will remain President and Chief Executive Officer of ICVERIFY, and also become Executive Vice President of CyberCash. ICVERIFY co-founders Steve Elefant and Eric Buchbinder will become Vice Chairman and Senior Vice President, Advanced Technology of CyberCash, respectively.
“The beauty of this merger is that it combines two companies that
have been converging to the same point from two different sides of the
payments industry,” said Bill Melton, CEO of CyberCash, in a statement.
“ICVERIFY began its life creating ‘shrink wrapped’ payment software solutions for merchants with physical stores. It has built on that base to produce a world-class software product for mail order and Internet merchants. CyberCash began its life creating payment solutions for Internet merchants, and though it has focused on the Internet, it has begun to broaden its own offerings in ways that could offer value to merchants in the mail order and physical world. Together we will be able to offer merchants and financial institutions a broad and rich set of payment solutions.”
CyberCash said its product lines and those of ICVERIFY will continue to exist, although under the merger it expects the separate solutions to evolve together with future development.