Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
ProPay, a provider of a personal payment service that allows individuals to securely accept credit cards online, in person or through wireless devices, has formed a partnership with AuctionWatch.com, a provider of solutions that enable businesses to leverage e-commerce. The agreement allows AuctionWatch.com's sellers to accept a credit card directly from buyers, unlike other payment models that separate the buyer and seller from the credit card transaction by prefunding an account, says Orem, Utah-based ProPay.
Through the partnership, AuctionWatch.com users are able to buy and sell using their ProPay commerce account. Buyers retain their full rights to dispute a charge through their credit card companies and are not required to disclose their confidential account information to the seller. Sellers can accept a credit card from any buyer regardless of whether the buyer has a ProPay account. The agreement also provides each partner with branding through cross-marketing efforts.
San Bruno, Calif.-based AuctionWatch.com helps businesses distribute merchandise to auction and to acquire customers. It offers a search capability allowing them to locate items across hundreds of auction sites, it says. The company also publishes daily content on the auction industry and hosts an online appraisal service.
Meanwhile, ProPay has announced that Gary Goodrich has joined the company as chief executive officer.