Visa buying CyberSource for two billion dollars

April 21, 2010
Credit card giant Visa said Wednesday it was buying online payments company CyberSource for two billion dollars.

Credit card giant Visa said Wednesday it was buying online payments company CyberSource for two billion dollars.

Visa said it had agreed to purchase CyberSource for 26 dollars a share, a premium of 37.25 percent over the Mountain View, California-based company's closing price on Tuesday.

CyberSource, a rival to eBay-owned PayPal, said it manages about 25 percent of the electronic commerce business in the United States. Its clients include British Airways, Home Depot, and .

"Online commerce continues to grow rapidly, and this acquisition will enable Visa to offer new and enhanced services," Visa chairman and chief executive Joseph Saunders said in a statement.

"With CyberSource, we are adding a new suite of leading e-commerce capabilities and experience in addressing e-commerce merchant needs," he said.

Saunders added that as e-commerce migrates to , "we believe the combination of Visa and CyberSource technology and services will position Visa to lead in mobile e-commerce."

said CyberSource president and chief executive Michael Walsh will continue to oversee CyberSource's operations after the transaction closes.

Explore further: Yahoo, Alibaba.com join in China Internet

Related Stories

Venda riding e-commerce boom

May 3, 2006

E-commerce is booming, and growing e-sales outsource company Venda is aiming to keep riding that boom to the top.

Visa change means fewer rural doctors

February 16, 2007

Congressional changes to U.S. visa laws intended to help companies hire skilled workers have made it hard for rural areas to find doctors.

Recommended for you

How to curb emissions? Put a price on carbon

September 3, 2015

Literally putting a price on carbon pollution and other greenhouse gasses is the best approach for nurturing the rapid growth of renewable energy and reducing emissions.

Customizing 3-D printing

September 3, 2015

The technology behind 3-D printing is growing more and more common, but the ability to create designs for it is not. Any but the simplest designs require expertise with computer-aided design (CAD) applications, and even for ...

Magnetic fields provide a new way to communicate wirelessly

September 1, 2015

Electrical engineers at the University of California, San Diego demonstrated a new wireless communication technique that works by sending magnetic signals through the human body. The new technology could offer a lower power ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.