Visa has completed its acquisition of CyberSource, a US-based provider of electronic payment and risk management solutions.
According to Visa, the acquisition of CyberSource will expand its online payment, fraud, and security management capabilities. The combination is expected to accelerate the growth of the eCommerce category and enhance the value of Visa’s network, product and service offerings to financial institutions, merchants, partners and consumers.
In April this year, Visa signed a definitive agreement to acquire CyberSource at a price of $26 per share, or total consideration of approximately $2bn to be paid with cash on hand.
CyberSource’s president and CEO, Michael Walsh, will continue to oversee CyberSource’s operations. CyberSource’s executive chairman and founder, William McKiernan, joined Visa as an executive advisor to assist in the integration of the two businesses.
CyberSource serves more than 295,000 merchants through its CyberSource and Authorize.Net branded solutions. CyberSource clients include British Airways, Home Depot, Facebook, Google and many small businesses.