In its second-largest acquisition, Amazon buys the company for $970 million.
Concord EFS Inc. has launched Today's eBiz Services, a group of products to enable merchants to establish online stores. Today's eBiz uses software manufactured by Virtual Cyber Systems Inc., a recent acquisition of Concord. Today's eBiz contains three products: Storefront, which helps a small business set up a Web store; Shopping Cart, which allows small to medium businesses sell items at a Concord-hosted site; and Corporate, which enables large companies to handle high-volume transaction requirements. Concord has an advantage over other Web hosting companies because it has 250,000 merchants to sell eBiz to, says Concord CEO Dan Palmer. Also, Memphis, Tenn.-based Concord plans to go after Web hosting companies and sell them its processing services. "These Web hosts need payment processors and our product will provide that service," says Palmer.