January 12, 2005, 12:00 AM

eFunds buys fraud-prevention company ClearCommerce

eFunds, provider of risk management, electronic payments and global outsourced payments processing, will acquire ClearCommerce, provider of fraud prevention and payment processing solutions for card-not-present transactions, for $19.4 million.

 

Scottsdale, AZ-based eFunds Corp., provider of risk management, electronic payments and global outsourced payments processing, will acquire ClearCommerce Corp., a privately-held provider of fraud prevention and payment processing solutions for card-not-present transactions, including online and mail order/telephone order sales. EFunds will pay approximately $19.4 million in cash. The sale is expected to close by the end of this quarter.

EFunds says the ClearCommerce acquisition will strengthen its POS and online transaction processing capabilities and add a card-not-present fraud prevention solution to its retail and financial service offerings. It also says the purchase will expand its presence in the retail sector with more than 140 new customers in seven countries. The combined companies will provide customers with fraud detection based on data from both ClearCommerce`s FraudDetect database and eFunds` DebitBureau database.

"Our combined solutions will help customers take an integrated, enterprisewide view of their transaction processing and fraud management systems that will help control costs, increase transaction revenue, and strengthen customer loyalty,” says Paul Walsh, chairman and CEO of eFunds. “Customers can now come to one trusted provider for a full suite of fraud prevention and payment processing solutions to take advantage of the growing trend towards electronic payments."

 

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