Cyota Acquires Auripay
FOR IMMEDIATE RELEASE
Global Companies Combine to Become Internet Payment Security Leader
New York, NY (Tuesday, July 10, 2001) Cyota, a leading payment and security technology company based in New York, has acquired Auripay, another provider of e-payment security technology. The acquisition positions Cyota as the leader in Internet payment security and transaction products. Cyota’s and Auripay’s products are complementary, and the acquisition will provide buyers of surrogate number technology a wider array of front-end and customization options. The company’s flagship product, Cyota SecureClick, allows consumers to shop online without revealing their real credit card number, replacing it with a surrogate number that expires after each transaction and thus cannot be used fraudulently.
Cyota recently announced the launch of Cyota SecureSuite, an integrated online payment security platform designed to seamlessly integrate a wide range of authentication and credit card security products into a single user experience. The acquisition of Auripay will allow Cyota to enhance the SecureSuite user experience by providing issuer’s with additional customizable options for enhancing their brand online.
Cyota completed the purchase of privately held Auripay in an all-stock deal. Additional terms of the purchase were not disclosed.
"Auripay is an ideal strategic fit for our group. We will now be able to provide our customers with additional choices for front-end graphic user interfaces, features and functionalities. This deal further expands our vision to be the dominant player in every segment in which we compete," commented Naftali Bennett, President of Cyota. "With the Auripay acquisition, we are positioned to make very aggressive expansion plans on a global basis."
Cyota will continue to be directed by Cyota Chairman, James L. Bailey. "We look forward to making the transition with Auripay," commented Bailey. "We will have access to additional resources that will allow us to further grow our business and extend our leading position worldwide."
“When considering potential acquisition targets, Cyota met the requirements of a solid management team, a global presence and a reputation as the leader in the space,” commented Auripay CEO, Ranganath Nayak.
Auripay advisor Dr. Ashok Kalelkar is expected to join Cyota’s Board of Directors. Dr. Kalelkar is Managing Director and General Partner of I-group HotBank NE, Boston’s premier Internet incubator and a SOFTBANK affiliate.
About Cyota
Cyota is an online payment security company founded in 1999 by four veterans of elite intelligence units in the Israeli Defense Force. SecureClick™, developed under the supervision of a world leading security expert, Prof. Adi Shamir, is Cyota`s flagship product that provides credit card issuers and their customers complete online fraud protection. The company is headquartered in New York City, with an R&D subsidiary in Israel. Cyota is a privately held company, backed by a global venture capital corporation. For more information, please contact Cyota or visit our web site at http://www.cyota.com.
SecureClick and SecureWAP are registered trademarks of Cyota.
Contact: Beatriz Garcia, beatriz@cyota.com
212-977-5402 ext. 170
Back...
