Exhibit 99.2
ValiCert to Acquire Assets of Tradenable Inc.
Business Payments and Settlement Offering to Strengthen ValiCert e-Pay Secure
Solution for Banks, Processors and Enterprises
MOUNTAIN VIEW, Calif., Dec. 24 /PRNewswire/ -- ValiCert, Inc. (Nasdaq: VLCT -
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news), a leading provider of secure solutions for paperless e-Business, today
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announced a definitive agreement to acquire business payments and settlement
intellectual property, key personnel and other assets from privately held
Tradenable Inc., of Redwood Shores, Calif., a leader in online financial
settlement services. The payments-related intellectual property includes, but is
not limited to, software code, trademarks and technical expertise. The
acquisition of these assets builds on ValiCert's strategy of providing leading
solutions to specific industries including the financial services and healthcare
insurance markets.
Tradenable's proven software for business payments and settlements has been used
by numerous business-to-business marketplaces and has processed over 500,000
payment transactions. Tradenable's payments and settlement software enhances
ValiCert's recently announced ValiCert e-Pay Secure solution which features a
suite of products and services, designed specifically for banks, clearing
houses, payment networks and payment processors to allow them to deploy secure
payment solutions for trusted e-Payments. Tradenable's payments and settlement
software complements ValiCert's work in the banking industry, specifically with
the Identrus security consortium and with SWIFT's trusted transaction solutions.
Under terms of the agreement, ValiCert will issue Tradenable Inc. a total
consideration of up to one million shares of common stock for the assets
acquired. This acquisition will be accounted for as a purchase and is expected
to be closed in the fourth quarter of ValiCert's fiscal year 2001. The
acquisition has been approved by the board of directors of each company and is
subject to various closing conditions.
According to TowerGroup, the global banking industry spends approximately $10.8
billion worldwide annually on information technology for payments processing,
which represents approximately 12% of the industry's total current annual
spending of about $88.8 billion.
"The addition of the Tradenable technology into the ValiCert e-Pay Secure
solution will give us the ability to deliver a more robust e-Payments solution
which is capable of securely delivering a full range of sophisticated business
payment and settlement scenarios to global enterprise customers and their banks
and processors," said Yosi Amram, president and chief executive officer of
ValiCert.
Tradenable, Inc, which is privately held, provides online clearing and
settlement services for e-marketplaces and enterprises. Prior to January 2001,
Tradenable was known as i-Escrow.com.
With over 1600 integrated partners, Tradenable is headquartered in Redwood
Shores, CA. Tradenable's suite of managed payment services brings a leading
customizable, fully integrated end-to-end settlement solution, automating front-
and back- office processes. Features range from simple invoicing, clearing, and
sub-accounting to reconciliation and reporting. Tradenable has processed more
than half a million online transactions since it began operations in 1997. With
its fully automated, secure transaction engine and a growing portfolio of
payment and logistics services, Tradenable has brought simplicity and security
to online transactions. Tradenable has twice won the CIO WebBusiness 50/50
Award, as well as the Inc./Cisco "Growing With Technology" award and been
recognized as one of the Upside Hot 100 Private Companies in
Business-to-Business.
About ValiCert
ValiCert is a leading provider of secure solutions for paperless e-Business.
ValiCert Global 2000 customers in financial services, healthcare, manufacturing
and government sectors realize significant ROI from deploying ValiCert solutions
to help migrate costly or inefficient business processes to the Internet,
without losing any trust and security in the process. ValiCert's family of
products conforms to the guidelines of the e-Sign legislation and provides a
secure, legal-grade environment for conducting online commerce.
ValiCert has technology and marketing alliances with a range of security,
e-Commerce, systems integrators and application specific companies. With its
products and services available through a worldwide direct sales force,
resellers and global affiliate network, ValiCert is headquartered in Mountain
View, California and has operations throughout the Americas, Europe and Asia.
More information about ValiCert is available on the World Wide Web at
http://www.valicert.com.
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ValiCert and ValiCert e-Pay Secure are trademarks of ValiCert, Inc. All other
product and brand names are trademarks or registered trademarks of their
respective owners.
Except for historical information, this press release includes forward- looking
statements, which are denoted by words such as "expected" and other similar
phrases. These forward-looking statements relate to the planned acquisition of
certain assets of Tradenable, Inc., which involve risks and uncertainties. These
risks and uncertainties include, but are not limited to, the Company's ability
to integrate Tradenable's product solutions into the company's suite of
products, as well as risks as detailed from time to time in the Company's
Securities and Exchange Commission filings. Actual results may differ materially
from management expectations. These and other risk factors are contained in
periodic reports filed with the SEC, including, but not limited to, the
Company's Form 10-K for the year ended December 31, 2000, filed with the SEC on
April 2, 2001 as well as the registration statement on Form S-1, filed with the
SEC. ValiCert assumes no obligation to update the forward-looking statements in
this press release whether as a result of new information, future events or
otherwise.