eFunds Corporation to Acquire ClearCommerce Corporation

Thursday 13 January 2005 04:18 CET | News

eFunds has signed a definitive agreement to acquire ClearCommerce Corporation, a privately-held provider of fraud prevention and payment processing solutions for card-not-present (CNP) transactions, including online and mail order/telephone order (MOTO) sales.

The initial purchase price of approximately $19.4 million will be paid in cash at closing, which is expected to occur in the first quarter of 2005 subject to the satisfaction of customary closing conditions. The ClearCommerce acquisition will strengthen eFunds POS and online transaction processing capabilities and add a CNP fraud prevention solution to its retail and financial service offerings. It will also expand the Companys market footprint in the retail sector with more than 140 new customers in seven countries. The combined entities will provide customers with a comprehensive perspective on fraud detection, based on data from both ClearCommerces FraudDetect(TM) database and eFunds DebitBureau(R) database. Portico Capital Securities advised ClearCommerce on the transaction.

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Categories: Payments & Commerce | Payments General
Countries: World
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