MENTOR, Ohio, Jan. 13, 2003 (PRIMEZONE) -- CardinalCommerce today announced that it has closed a raise of $4.7 million in equity capital. This fundraising round was considerably oversubscribed, and the size was increased from the original $4.0 million goal. Cardinal will use this capital to support new Customers and its rapid expansion around the world.
Michael A. Keresman, III, Cardinal's chairman and CEO, stated, "We welcome the investments we received in this round, which came from both previous and new investors. They have noted the strong acceptance of the Cardinal Payment Authentication Platform around the world. The rapid expansion in our client base, in both the United States and overseas, requires additional funding, as we expand our infrastructure and client service capabilities. Our outlook is promising, as banks, merchants and merchant service providers adopt and utilize our technology."
Bill R. Sanford, chairman of Symark LLC, executive founder of STERIS Corporation, and a member of Cardinal's Board, observed, "Not long ago, Cardinal was just a dream. In a short amount of time, the company has made extraordinary progress. It has identified and developed access to significant market opportunities for its proprietary transaction authentication technology. A current market focus is the banking and financial services industry, historically a Cleveland strength. Cardinal is a locally-grown, high-tech company with the potential to be a major global player. With this latest round of financing, I am confident Cardinal can continue to create economic value rapidly for customers, shareholders, employees, and Northeast Ohio."
CardinalCommerce has recently announced a number of new partnerships with financial institutions in the United States and Europe. Each partnership requires Cardinal to commit human, financial and technological resources to implement its platform. The new capital will enable Cardinal to continue its aggressive global expansion, building the infrastructure that will support strong increases in revenues and profitability.
Mr. Keresman added, "Cardinal has established itself as a global leader in online authentication, supporting the implementation and usage of Verified by Visa and MasterCard SecureCode at financial institutions. We are excited with the strong demand that our platform has received in the United States, Western and Central Europe, the Middle East and Africa."
About CardinalCommerce Corporation
CardinalCommerce Corporation is a leading provider of a technology-neutral authentication platform for securing electronic and wireless commerce, thus ensuring that individuals, businesses and government agencies can process electronic transactions and access confidential information safely, securely and privately. A significant application of Cardinal's proprietary technology, the Cardinal Payment Authentication Platform, provides consumers, merchants, credit/debit card issuers, and processors the ability to conduct fully authenticated Internet-based e-commerce, while protecting the transactions from fraud. For more information, visit www.cardinalcommerce.com.