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iPayment

Welcome to the News View for "iPayment".

Here, on these archive pages, you'll find all of the articles on Payments News for iPayment listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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December 28, 2005

iPayment Agrees To Buyout By CEO

iPaymentiPayment has announced that it has agreed to a buyout at $43.50 per share by a new corporation formed by Chairman and CEO Gregory S. Daily and will be taken private as a result. Earlier, the company had appointed a special committee of its board of directors to consider Daily's offers.

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July 23, 2005

Special Committee of iPayment Board Rejects CEO Takeover Offer

Last night, the Special Committee of the board of directors of iPayment announced that it had determined that the May 13, 2005 offer by Greg Daily, CEO of iPayment, to buy all of the outstanding common stock of the company for $38 per share undervalues the long-term prospects of the company.

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May 16, 2005

iPayment Chairman and CEO Offers to Acquire Company

iPayment announced this morning that Chairman and CEO Greg Daily has offered to acquire all of the outstanding shares of iPayment for $38 per share.

May 05, 2005

PayPal vs. iPayment

With the release of iPayment's first quarter results this morning, it's interesting to do a comparison of it with PayPal's first quarter results.

Coincidentally, they both reported essentially the same payment volume for the quarter: $6.2 billion. PayPal's payment volume growth in the first quarter was 44 percent while iPayment's grew 118 percent including recent acquisitions.

But the revenue yield from that quarterly payment volume was quite a bit different between the two. On the top line, PayPal's net revenues for the quarter were $233 million; iPayment's revenues were $163 million.

Note that both companies include the cost of interchange in their revenues (unlike most of the other publicly traded merchant acquirers) -- so any comparison to other companies has to net out interchange expense up front. On a percentage basis, PayPal's interchange expense is lower per dollar of payment volume because of its hybrid funding model -- where slightly more than half of its funding activity is sourced from credit card accounts.

While they're really different businesses (one operating exclusively in the ecommerce space, the other in the small merchant physical point of sale space), it's interesting to also look at valuations. iPayment currently has a market cap of about $650 million; PayPal was acquired by eBay in 2002 for about $1.5 billion (in eBay stock) and recently an analyst commented that PayPal was probably worth $6-7 billion.

Do you have any more insights to offer re: comparing these two companies? Comments are open for this posting.

[Update: iPayment stock got hammered following the earnings announcement and conference call this morning - closing down over 10 percent and reducing its market cap to $580 million.]

January 25, 2005

A Look at iPayment

David Isaac writes for Investor's Business Daily about iPayment.

Not only does iPayment have other firms do much of the actual card-processing, but it also outsources its sales force. "They're almost a virtual company in a way," Merrill Lynch analyst Gregory Smith said. "You could think of them as outsourcing sales and outsourcing the back-end processing."

December 28, 2004

iPayment Acquires Portfolio of Merchant Contracts from First Data

iPayment has announced that it has acquired a merchant portfolio of approximately 25,000 small merchants from First Data Corp. The portfolio represents approximately $9 to $10 billion in annual charge volume and was acquired for $130 million in cash.

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January 28, 2004

Small Merchants Provide Steady Business

Investors Business Daily reports on iPayment's strategy of focusing on small merchants.

The company serves 90,000 small merchants across the country. The average processed transaction is $75, with each merchant typically creating less than $250,000 a year in charge volume.

December 22, 2003

iPayment Acquires Portfolio from First Data

iPayment has announced that it has completed the acquisition of a portfolio of agent bank agreements and merchant accounts from First Data Corp.'s Merchant Services subsidiary for $55 million in cash. READ MORE »

May 12, 2003

iPayment Completes Initial Public Offering

"iPayment" (NASDAQ: IPMT) completed its initial public offering today. iPayment's IPO was the first US IPO in two months. READ MORE »

May 03, 2003

iPayment IPO upcoming next week

CBS MarketWatch reports on the upcoming initial public offering by iPayment.

December 07, 2002

iPayment files for IPO

Nashville-based iPayment filed a preliminary S-1 Registration Statement with the SEC on Friday. READ MORE »

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