Payment network operator Visa has agreed to acquire e-payment company CyberSource for $26 per share, or total consideration of approximately $2 billion to be paid with cash on hand. The price represents a near 34 percent premium over Mountain View-based CyberSource’s Tuesday closing price.
The deal will enable Visa to bolster online sales and offer new and enhanced online fraud prevention services to merchants, financial organizations and end consumers. → Read More
Talk about a serious outage. Payment gateway service provider Authorize.net has been down and out for several hours, a number of tipsters inform us. That has big implications: since the service is used by tens of thousands of e-commerce vendors to accept credit card and electronic checks payments on their websites (example), it likely means millions are being lost during its downtime. PayPal and Google Checkout are still up and running.
It’s unclear when the downtime started exactly, but the consensus is somewhere between 5 and 7 hours at this point (11 AM Eastern), with e-commerce vendors desperately looking for ways to contact the company or get any first-hand information about what’s going on and when the problems will be resolved. Twitter, meanwhile, is buzzing with the news as the United States wakes up (hashtag #authorizenet).
(see updates after the jump) → Read More
San Francisco, CA
