CyberCash, Inc., a leading provider of electronic payment technologies and services, announced that the successful bid for the company’s operating assets at the auction held April 11, 2001, was submitted jointly by a group consisting of VeriSign, Inc. and First Data Merchant Services. The bid was in the amount of $20.4 million. The acquisition is subject to approval by CyberCash’s board of directors and the bankruptcy court. Closing is scheduled for May 1, 2001.
Excluded from the transaction are CyberCash’s financial assets, including CyberCash’s interest in CyberCash K.K., its Japanese payment processing joint venture with SoftBank, as well as CyberCash’s investments in Commission Junction, X.com and Outbounders, Inc. (formerly UUCom). CyberCash intends to sell these financial assets through subsequent auctions in the next 60 days.
CyberCash, Inc., headquartered in Reston, VA, is a leading provider of Internet payment services and electronic payment software for both Business- to-Consumer (B2C) and Business-to-Business markets (B2B). The Company provides service solutions to more than 27,500 Internet merchants and has shipped more than 145,000 copies of its software products. In addition to enabling Internet payments, CyberCash offers merchants state-of-the-art risk management capabilities through its FraudPatrol(TM) Internet fraud detection service, and the opportunity to generate additional sales leads through an affiliate marketing program. CyberCash offers the broadest reach in the payment industry with a comprehensive distribution network focusing on both direct and indirect channels, which include marketing partnerships with financial institutions, Internet service providers, application service providers, storefront solution providers and leading independent software vendors. On March 2, 2001, CyberCash terminated its previously announced merger with Network 1 Financial Corporation and commenced the sale of its operations in Chapter 11. For more information, visit [http://www.cybercash.com] .