SAN MATEO, Calif. Trintech, a provider of point of sale and Internet payment software, has bought the Irish company Exceptis Technologies for $26 million.
Exceptis, based in Dublin, provides software that helps card issuers, buyers, and merchants to manage risk and fraud and to resolve payment disputes. The eight-year-old company has more than 50 financial institution customers, including Barclaycard, Telekurs, eFunds, Bank of Ireland, and AIB Bank.
The deal is being executed by the issuance of shares worth 1.8 million American depository shares and a two-year performance payout of about $10 million, to be paid by issuing shares.
Cyril McGuire, executive chairman of Trintech, said revenues from electronic commerce are expected to reach $1.2 trillion by 2002 and dispute ratios to approach 50% of Internet-originated transactions. Trintech is positioned, through this acquisition, to provide its growing customer base with a cost-effective, leading-edge solution to respond to this challenge, he said.