CyberSource buys BidPay for $1.8m
CyberSource Corporation (NASDAQ:CYBS), a leading provider of electronic payment and risk management solutions, today announced that it has acquired BidPay.com, Inc. from First Data Corporation.
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In exchange for $1.8 million in cash, CyberSource acquired proprietary technology, databases, and certain intellectual property rights, including exclusive rights to the BidPay.com brand. BidPay will be operated as a wholly owned subsidiary of CyberSource. CyberSource intends to re-launch BidPay in the coming months.
Launched in 1999, BidPay was one of the original payment options available to serve online auctions. BidPay developed a proven platform based on proprietary technology and acquired over 4 million registered users prior to ceasing operations in December 2005.
In addition to an intuitive interface and robust functionality, BidPay focused on developing and refining risk and fraud management. The BidPay brand achieved market recognition and enjoyed a base of repeat users on eBay and other online auction sites.