Monday, payment process solutions provider Authorize.Net Holdings, Inc. (ANET), following an arrangement to be acquired by CyberSource Corp. (CYBS) earlier today, said it did not intend to proceed with its prior non-binding offer to acquire Payment Services Interactive Gateway Corp. The exclusivity agreement between Authorize.Net and Payment Services Interactive Gateway from April 23, 2007 expired on June 15, 2007.The Marlborough, Massachusetts based Authorize.Net in an arrangement announced earlier in the day, will be acquired by CyberSource in a stock and cash deal aggregating approximately $565 million as of Nasdaq Global Market close on June 15, 2007. The arrangement includes CyberSource issuing 1.1611 shares of its common stock for each Authorize.Net share and shareholders receiving about $125 million cash payment on a pro-rata basis.Formerly known as Lightbridge, Inc., Authorize.Net is credited with over 175,000 customers especially in small businesses. The company was originally formed in 1989 as Credit Technologies, Inc. and subsequently named itself Lightbridge, Inc. in 1994. CyberSource business includes an estimated 20,000 customers, and is predominantly centered on managing payments for mid-sized and enterprise customers.CyberSource and Authorize.Net combined had transactions of about 1.1 billion in 2006.ANET closed Monday's regular trading at $18.03, up $1.30 or 7.77% on a volume of 2.18 million shares on the Nasdaq. However, in after-hours trading, the stock lost $0.30 or 1.67%, trading at $17.73.CYBS closed Monday's trading at $12.21, down $0.69 or 5.35%, on a volume of 2.09 million shares on the Nasdaq. In after-hours trading, the stock further lost $0.17 or 1.43%, trading at $12.04.
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