Lightbridge, Inc. to Acquire Authorize.Net
InfoSpace, Inc., parent company of Authorize.Net, today announced a definitive agreement to sell the Authorize.Net business unit to Lightbridge, Inc. (Nasdaq: LTBG) of Burlington, MA. Lightbridge is a leading provider of technology services and software that manages customer transactions for businesses including offering risk and fraud assessment technologies.
The transaction is expected to complete in second quarter.
“We are pleased to have found such a strong partner for our Payment Solutions business,” said Jim Voelker, chairman and chief executive officer of InfoSpace, Inc. “This is an excellent outcome for our shareholders as well as our Payment Solutions customers and employees.”
Prakash Kondepudi, executive vice president of InfoSpace Payment Solutions agreed, “Throughout the due diligence process, the Authorize.Net management team has been exceptionally impressed with Lightbridge, its management team as well as the way they have gone about preparing to purchase Authorize.Net. This could not have been a better resolution for our partners, customers and employees.”
This acquisition will benefit Authorize.Net’s resellers and customers by allowing the company to take advantage of Lightbridge’s 15 years of experience running 24x7 application service provider (ASP) businesses and providing real-time decisioning services to detect and limit fraud. Beyond these benefits, there is no anticipated direct impact to Authorize.Net resellers or customers.
Due to regulatory concerns, additional information will not be forthcoming until after the transaction is complete.