VerticalNet and VeriSign Sign Strategic Agreement to Deliver Trusted Environment for Online B2B Transactions
Alliance Features Authentication of Buyers and Suppliers; Integration Of Digital Certificates, Digital Signatures and Online Payment Services Into VerticalNet Communities
HORSHAM, Penn. and MOUNTAIN VIEW, Calif., Dec. 11 /PRNewswire/ --
VerticalNet, Inc. (Nasdaq: VERT), the Internet's leading business-to-business
e-commerce enabler, and VeriSign, Inc. (Nasdaq: VRSN), the leading provider of
Internet trust services, today announced a strategic agreement to integrate
various VeriSign Internet trust services-including authentication of buyers
and suppliers, digital credentials for real-time verification of identities,
digital signatures and online payment processing-into VerticalNet Markets'
broad range of over 57 online marketplaces, VerticalNet Exchanges, and
VerticalNet Solutions' platform. The agreement offers VerticalNet customers an
integrated approach to migrating critical business processes online while
mitigating the risks associated with high-value online transactions. The
companies will also collaborate on joint marketing programs and the
development of additional e-commerce enablement services for businesses.
"VerticalNet is committed to creating an environment that enables
businesses to conduct commerce online," said Joe Galli, President and CEO of
VerticalNet. "Through our partnership with VeriSign, buyers and suppliers will
now have the tools to confidently conduct business knowing that the other
party has been authenticated, that payments are being processed securely and
that transaction detail is being recorded in a trusted, undisputed manner."
Under terms of the agreement, VerticalNet has named VeriSign as its
exclusive provider of authentication and digital certificate services and its
preferred provider of payment services for all VerticalNet communities.
Highlights of the arrangement include:
-- Online Authentication of Buyers and Suppliers: VerticalNet will
integrate enrollment for VeriSign's online authentication and digital
certificate services into the registration process for VerticalNet
Markets, Exchanges and Solutions. This will enable buyers and
suppliers to obtain digital credentials to confidently identify each
other over the Internet and digitally sign online transactions.
VerticalNet members will be authenticated against existing databases
for specific VerticalNet communities or through the use of VeriSign's
Authentication Service Bureau, which provides an outsourced solution
for the authentication of organizations and their representatives.
-- Online Payment Processing: VerticalNet will offer VeriSign's online
payment gateway services to VerticalNet members, enabling them to
process level 2 and 3 purchase cards, credit card, debit card,
automated clearinghouse (ACH) and Internet checks through VeriSign's
highly scalable online payments infrastructure. The ability to process
level 2 and 3 purchase cards enables both buyers and suppliers to
create and maintain additional information, provides more detailed
reporting and audit capabilities, and includes line item details about
each transaction. These services are supported through a broad range of
back-end payment processors and financial institutions including First
Data, American Express, Paymentech, TeleCheck, Vital, Nova, EDS Aurora
and Wells Fargo, enabling buyers and suppliers to leverage existing
offline payment relationships in the online world.
-- Joint Marketing and Promotions: The two companies will engage in a
broad range of co-marketing programs to promote their respective
services to each other's customer bases as well as to businesses across
the Internet.
"As businesses continue to cut costs and reach new markets via online
exchanges and marketplaces, the ability to identify each other, to reliably
process payments and to capture irrefutable proof that a transaction has
occurred are the keys to spontaneous commerce," said Stratton Sclavos,
president and CEO of VeriSign. "Now, members across VerticalNet
communities-ranging from energy to financial services to healthcare-will be
able to confidently engage in high-value business transactions in a secure and
trusted environment."
About VerticalNet, Inc.
VerticalNet, Inc. (www.verticalnet.com) provides end-to-end e-commerce
solutions targeted at distinct business segments through three strategic
business units: VerticalNet Markets includes 57 industry-specific web sites
designed as online vertical trading communities and provides hosted e-commerce
and community capabilities for corporate divisions and mid-size businesses;
VerticalNet Exchanges focuses on direct material open and spot markets;
VerticalNet Solutions builds digital marketplaces for global 2000 customers,
consortia and neutral Net market makers. VerticalNet International leverages
the Company's three strategic business units to create global Internet B2B
marketplaces, offering products and services internationally and partnering
with companies that have strong local presence and domain expertise.
About VeriSign
VeriSign, Inc. is the leading provider of trusted infrastructure services
to web sites, enterprises, electronic commerce service providers and
individuals. The company's domain name, digital certificate and payment
services provide the critical web identity, authentication and transaction
infrastructure that online businesses require to conduct secure e-commerce and
communications. VeriSign's services are available through its web sites
(www.verisign.com and www.netsol.com) or through its direct sales force and
reseller partners around the world.
NOTE: VerticalNet and NECX are registered trademarks and/or trademarks of
Vert Tech LLC in the United States and/or other countries.
All rights reserved. VeriSign is a registered trademark of VeriSign, Inc.
All other trade names mentioned are trademarks or registered trademarks of
their respective companies.
Statements in this announcement other than historical data and information
constitute forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those stated or
implied by such forward-looking statements. The potential risks and
uncertainties include, among others, potential volatility in VeriSign's stock
price, customers acceptance of new products and services offered by the
company, risks associated with the company's international business,
uncertainty of future revenue and profitability and fluctuations in its
quarterly operating results. More information about potential factors that
could affect the company's business and financial results is included in
VeriSign's filings with the Securities and Exchange Commission, especially in
the company's Registration Statement on Form S-4 filed on April 12, 2000, as
amended, Annual Report on Form 10-K for the year ended December 31, 1999 and
Quarterly Report on Form 10-Q for the period ended September 30, 2000.
This announcement contains forward-looking statements that involve risks
and uncertainties, as well as statements that are preceded by, followed by or
include the words "believes," "plans," "intends," "expects," "anticipates,"
or similar expressions. For such statements, VerticalNet claims the protection
of the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Actual results may differ materially
from the results predicted, and reported results should not be considered as
an indication of future performance. Factors that could cause actual results
to differ from those contained in the forward-looking statements include
matters relating to technology, performance and operation; rapid technological
and market changes; potential intellectual property and licensing issues; as
well as those factors set forth in the each company's Annual Report on form
10-K for the year ended December 31, 1999 and the Company's Quarterly Report
on form 10-Q for the quarter ended September 30, 2000, both of which have been
filed with the SEC. |
