 |
 | |
 |  |
| We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level. |
CyberSource files for IPO By Bloomberg News Special to CNET NEWS.COM May 3, 1999, 6:10 p.m. PT CyberSource, which processes transactions over the Internet for hundreds of online merchants, filed to raise as much as $46 million through an initial stock sale.. The San Jose, California-based company was formed in 1997 when Internet retailer Beyond.com spun off its online commerce business to its shareholders. Microsoft . co-founder Paul Allen's Vulcan Ventures holds a 14 percent stake in CyberSource stake before the IPO. The provider of online transaction processing goes beyond payment processing services to help in the fulfillment of orders, the verification of delivery addresses, and the calculation of sales taxes across the United States and Canada, according to a filing with the Securities and Exchange Commission. About 128 million people are expected to shop online for about $734 billion of goods and services by 2002, up from 28 million people in 1998 who bought $50 billion worth of goods and services, according to forecasts by International Data cited in the filing. CyberSource hopes to benefit from that trend. The company's net loss was $4.2 million in the three months ending March 31, compared with $1.8 million in 1998's first quarter. Revenue was $1.7 million in the first three months of 1999, compared with $639,000 in the 1998 first quarter. CyberSource's founder and chief executive, William McKiernan, also helped found Beyond.com and still serves as chairman of the Internet retailer. He holds a 29 percent company stake before the IPO. CyberSource said it will use proceeds from the IPO for general corporate purposes, including sales and marketing, product development and other corporate expenses. CyberSource filed to sell common shares. The number of shares and their expected price will be disclosed in a future filing. The $46 million top value was estimated solely to calculate a registration fee. Merrill Lynch, J.P. Morgan, PaineWebber, and C.E. Unterberg, Towbin will underwrite the stock sale. CyberSource has applied to trade on the Nasdaq Stock Market under the symbol "CYBS.'' | ||||||||||||||
|
| Home | Hot | SubjectMarks | PeopleMarks | Keepers | Settings |
| Terms Of Use | Contact Us | Copyright/IP Policy | Privacy Policy | About Us | FAQ | Advertise on SI |
| © 2025 Knight Sac Media. Data provided by Twelve Data, Alpha Vantage, and CityFALCON News |