CyberSource Outpacing Growth of E-Commerce

Wrapping up a banner year, where total Internet sales grew by as much as 300%, CyberSource Corporation saw its volume of e-commerce transactions balloon more than 937%, outpacing the growth of overall Internet sales. Completed transactions shot up to 8,330,743 for 1998 from 888,000 in 1997.

CyberSource believes that 1999 will see even more dramatic growth. More and more Web sites are utilizing the CyberSource On-Demand Commerce Application Suite, and the company continues to enter lucrative deals with major players, including Visa, GE Capital, IBM, First Data Corp. and Paymentech

“1998 was a momentum building year for CyberSource and our merchant base,” said Bill McKiernan, founder, president and CEO. “The market has recognized the merits of outsourcing a full suite of e-commerce solutions to CyberSource.”

“We not only quickly enabled a growing stable of new-to-the-Internet merchants, but also helped an increasing number of established Web merchants find scalable, cost-effective ways to fuel their own phenomenal growth.”

During 1998, CyberSource acquired new customers that included Buy.com, Buydirect.com, Broadcast.com, Compaq, CyberShop, Liquid Audio, Mitsubishi, Novell, PeopleSoft, and T. Rowe Price, further driving the companys dramatic success for the year.

Founded in 1994, CyberSource is a global provider of on-demand commerce applications and digital rights management services that enable Internet merchants to securely conduct business online in real time.

CyberSource is a privately-held company headquartered in San Jose, California and maintains offices in the United States and Europe, along with a network of virtual data centers around the globe to service local markets.

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