California-based e-security vendor ValiCert is to acquire Tradenable's business payments and settlement assets for up to one million shares of commmon stock.
ValiCert says the acquisition will complement its e-Pay Secure suite of products and services designed specifically for banks, payment networks and processors for trusted B2B and consumer e-payments.
According to TowerGroup, the global banking industry spends approximately $10.8 billion worldwide annually on information technology for payments processing, which represents approximately 12% of the industry's total current annual spending of about $88.8 billion.
Yosi Amram, president and chief executive officer of ValiCert, says: "The addition of the Tradenable technology into the ValiCert e-Pay Secure solution will give us the ability to deliver a more robust e-payments solution which is capable of securely delivering a full range of sophisticated business payment and settlement scenarios to global enterprise customers and their banks and processors."
Privately-held Tradenable provides online clearing and settlement services for e-marketplaces and enterprises. Prior to January 2001, the company was known as i-Escrow.com.