Yahoo! Plans To Offer Person-To-Person Payment Solution To Buyers And Sellers
"We are committed to enabling the world's largest audience of users to take advantage of the best commerce experience available on the Web today and into the future," said Tim Brady, senior vice president of Network Services, Yahoo!. "We expect this acquisition will help us deliver the best-of-breed person-to-person payment solution available on the Web, and will enable us to further expand the services for consumers of Yahoo!'s person-to-person properties." Yahoo!'s person-to-person payment service is expected to be launched later this year as Yahoo! PayDirect.
Arthas.com's technology platform enables individuals to electronically send money to and receive money from anyone with an email address. Individuals also can send personalized electronic bills to anyone with an email address, which can be quickly paid online using the payment service. Additional possible applications for person-to-person payments services include online auctions, classifieds and event planning.
"We couldn't be happier to join the Yahoo! team," said Robert Simon, co-founder of Arthas.com, Inc. "By joining the Web's leading enabler of commerce, we can deliver our easy-to-use, secure, cost-effective payment solutions to the world's largest audience of online purchasers."
Yahoo! has the highest reach among online buyers, according to Intelliquest's Q4 1999 research findings. The company plans to initially begin offering its new person-to-person payment functionality in Yahoo! Auctions, the No. 2 auctions site on the Web (Nielsen/NetRatings, Feb. 18, 2000) to enable buyers and sellers in the United States to make and accept payment for goods purchased and sold.
Yahoo! Inc. is a global Internet communications, commerce and media company that offers a comprehensive branded network of services to 120 million people each month worldwide. As the first online navigational guide to the Web, www.yahoo.com is the leading guide in terms of traffic, advertising, household and business user reach, and is one of the most recognized brands associated with the Internet. The company also provides online business services designed to enhance Yahoo!'s clients' Web services, including audio and video streaming, store hosting and management, and Web site tools and services. The company's global Web network includes 22 World properties. Yahoo! has offices in Europe, the Asia Pacific, Latin America, Canada and the United States, and is headquartered in Santa Clara, Calif.
This announcement contains forward-looking statements that involve risks and uncertainties including risks related to product development, the ability to successfully integrate the two companies, and the ability to realize the synergies and other perceived advantages resulting from this acquisition. More information about potential factors that could affect the company's business and financial results is included in the company's Current Report on Form 8-K dated July 20, 1999 and amended on Dec. 23, 1999, the Annual Report on Form 10-K for the year ended Dec. 31, 1998, and the Quarterly Report on Form 10-Q for the period ended Sept. 30, 1999, including (without limitation) under the captions, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Risk Factors," which are on file with the Securities and Exchange Commission (http://www.sec.gov).