PSINet Signs Deal to Acquire Transaction Network

Internet service provider PSINet Inc. has signed a definitive agreement to buy Transaction Network, a provider of data communications and electronic commerce services. PSINet said it would buy the processor of sales over the Web for a $720 million cash-and-stock deal.

Transaction Network runs a network used by U.S. credit card processors that has reportedly experienced rapid growth this year. The acquisition is expected to add immediately to PSINet's earnings.

According to PSINet chairman and chief executive William Schrader, the deal "enables PSINet to better access the $1 trillion marketplace for e-commerce services."

You may like these other stories...

Whenever I speak to accountants about creating a cloud practice, the most common question is, “How do I charge my clients?” Ten years ago, maybe even five years ago, if I would’ve posed this question...
While reputational risk is the No. 1 nonfinancial concern among corporate directors, cybersecurity/IT risk is gaining steam. In fact, both private companies and organizations with more than $1 billion in revenue felt they...
Accountants who specialize in forensic and valuation services point to electronic data analysis, or big data, as the most pressing issue they’ll face in the coming months, according to results of a new survey released...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.