April 30, 2010, 3:07 PM

Cybersource reports a 27% increase in revenue in the first quarter

Electronic payment and risk management services provider CyberSource Corp., which Visa Inc. last week agreed to acquire for $2 billion, posted a record $76.6 million in sales for the first quarter, a 27% rise from $60.5 million for the same period a year earlier.

Electronic payment and risk management services provider CyberSource Corp., which Visa Inc. last week agreed to acquire for $2 billion, posted a record $76.6 million in sales for the first quarter, a 27% rise from $60.5 million for the same period a year earlier.

“We've had a long working relationship with Visa, an early investor in CyberSource before our IPO, and have collaborated with them on fraud models built into our automated fraud management solutions since 1999,” says Bill McKiernan, executive chairman and founder. “The combination with Visa provides a great platform to build innovative payment solutions for e-commerce merchants, and helps secure our position as a global payment leader.” For its first quarter ended March. 31, the vendor reported:

  • Net income of $3.8 million compared to $1.0 million a year earlier.
  • Processing volume of 738 million billable transactions, a 34% rise over the previous year.
  • The value of transactions processed was $38.7 billion, a 40% increase from a year earlier.
  • 31,700 new customers, increasing its customer base to approximately 305,000 active clients.
  • Global acquiring revenue for the quarter grew 33% year over year.
  • 1,200 new independent sales organizations and affiliate partners.
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