| PayPal acquire the VeriSign Payments gateway business
October 10, 2005
Today we are announcing signing of a strategic alliance between VeriSign and eBay to promote online commerce and security. Under the terms of these agreements, PayPal, an eBay company, will acquire the VeriSign Payments gateway business and VeriSign will provide eBay and PayPal with a suite of security services, including two-factor authentication technology to be used to help protect buyers and sellers against online identity theft.
This acquisition is subject to regulatory approval, which most likely will occur over the next 30 to 90 days. It is important to note that VeriSign employees will also be transferring to PayPal after the deal closes. Over the long term, we believe this deal should provide great opportunities for you to expand your payment acceptance and drive increased revenue to your business in a cost-efficient manner. The combination of VeriSign's payments business with PayPal's existing services looks to increase your choices in the areas of payments processing, as well as access to PayPal's existing customer base of over 78 million accounts around the world.
Finally, I would also like to take this opportunity to thank you for your continued loyalty to our payments services. I will keep you informed as we move further along with this transition process.
I do believe this is a win-win for everyone, especially you, our valued customer.
Warmest Regards,
Trevor Healy
Vice President & General Manager
VeriSign Payment Services
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