CustomTracks to Acquire Gateway Processor Anacom
DALLAS, Aug. 31 /PRNewswire/ -- CustomTracks Corporation (Nasdaq: CUST) announced today that it has signed a letter of intent to acquire Anacom Communications, Inc., a provider of Internet-based transaction processing and real-time credit card processing services to Internet merchants. The transaction is valued at approximately $10 million, to be paid in a combination of cash and CustomTracks stock. Other terms of the transaction were not disclosed. The transaction, which is subject to the approval of the CustomTracks board of directors, is expected to close in September.
Anacom offers a suite of value-added products and services that support credit card payment processing on the Internet. Anacom supports multiple processing networks and its technology can easily be implemented by any merchant, ISP, or hosting company and can be used with any shopping-cart application. Anacom provides transaction-processing services to more than 700 merchants, including the Shell Oil Company, Internet.com, Mortgage.com, and NEC. Anacom is located in Dallas.
David P. Cook, chairman and chief executive officer of CustomTracks, commented, "Anacom is an important addition to CustomTracks. This acquisition greatly expands our product offerings and revenue potential in the Internet transaction part of our business."
George DeCourcy, president of Anacom, added, "We are excited about becoming a part of CustomTracks Corporation. We believe the ZixCharge(TM) service, with its security and privacy safeguards, will be a perfect complement to our open standards payment gateway. Together, we will be able to offer the complete solution for any merchant, bank, or hosting enterprise wanting to conduct Internet-based transactions."
Anacom Communications, Inc., founded in 1995, provides payment gateway services to merchants doing business on the Internet. Its secure, reliable and easy-to-use solutions act as the transaction engine for numerous shopping-cart programs and custom merchant applications. For further information, visit the Anacom Web site at http://www.anacom.com.
CustomTracks Corporation is the developer and owner of the ZixIt(TM) Digital Signature and encryption technology. Products currently under development include: ZixMail(TM), a secure Internet-messaging system; and ZixCharge(TM), an Internet transaction authorization system. The company plans to change its name to ZixIt Corporation, pending shareholder approval at the annual meeting, to be held September 14, 1999, in Dallas. For further investor information about CustomTracks, visit the company's Web site at www.customtracks.com or contact investor relations at 972-702-7057.
SOURCE CustomTracks Corporation