Source: TheDeal.com
Continuing what has been an aggressive and expensive acquisition strategy, eBay Inc. agreed Monday, Oct. 10, to acquire VeriSign Inc.’s payment services business for $370 million in cash or stock.
San Jose-based eBay and Mountain View, Calif.-based VeriSign also announced a strategic alliance that call for the two companies to collaborate on payment services and security initiatives for e-commerce transactions. eBay has agreed to invest in the deployment of VeriSign technologies that enable and protect online transactions. VeriSign also will provide eBay’s PayPal unit with a suite of security services to protect against online identity theft.
The payment gateway that eBay is buying is a real-time Internet-based system that allows merchants to authorize, process and manage online transactions. In a statement, eBay said the acquisition would help it accelerate its merchant services business by expanding its customer base to new small- and medium-sized online businesses.
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