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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JUNE 29, 1999
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CYBERCASH, INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
DELAWARE 0-27470 54-725021
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer)
incorporation or organization) Identification No.)
2100 RESTON PARKWAY
RESTON, VIRGINIA 20191
(Address of princial (Zip Code)
executive offices)
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Registrant's telephone number, including area code: (703) 620-4200
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ITEM 5. OTHER EVENTS
On June 29, 1999, CyberCash, Inc. (the "Registrant") announced that it had
entered into a definitive agreement to acquire Tellan Software, Inc., of San
Jose, California. Consummation of the transaction is subject to customary
closing conditions. The Company's press release announcing the agreement, filed
as Exhibit 99.1, discusses the proposed transaction in greater detail.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
99.1 Press release dated June 29, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CyberCash, Inc.
July 6, 1999 By: /s/ Dennis N. Cavender
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Dennis N. Cavender
Chief Financial Officer
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CONTACT:
CYBERCASH, INC. RUDER FINN
Maria Izurieta Steve Curtis
Vice President of Finance (212) 593-6319
Investor Relations
(703) 453-1119
CYBERCASH TO ACQUIRE TELLAN SOFTWARE
Acquisition of Privately-Held Payments Concern to Broaden
CyberCash's Product Offering and Strengthen Competitive Position
RESTON, VA, June 29, 1999 - CyberCash, Inc. (Nasdaq:CYCH), the world
leader in e-commerce technologies and services for merchants, today announced
that it will acquire San Jose-based Tellan Software, Inc. in a merger expected
to be completed by mid-July. The acquisition will consolidate CyberCash's
dominance in the payment software market, including physical points of sale and
integrated enterprise payment solutions, and add to the company's leadership
position in Internet payment software and services. Terms of the transaction
were not disclosed.
Tellan, a privately held company founded in 1992, produces payment
processing software for Internet commerce, as well as global enterprises wishing
to consolidate disparate payment applications into a centralized payment
platform. The company's leading brands include MacAuthorize, PCAuthorize and
WebAuthorize. Tellan products are certified with major U.S. bank networks for
business-to-business and consumer-to-business transactions.
"This is an excellent strategic fit for CyberCash," said Jim Condon,
president and COO, CyberCash. "The acquisition of Tellan strengthens our
leadership in the payment software market.
"Further, the Tellan product line enhances CyberCash's position as the
leading provider of solutions that enable merchants to conduct e-commerce simply
in both the physical and virtual worlds. The 1998 holiday shopping season
clearly demonstrated that the Internet is becoming a necessary point of sale for
physical retailers, and CyberCash's integrated payment solutions can help them
make the transition very easily," said Condon.
"We are very pleased to be joining one of the premier e-commerce companies
in the world today," said Donald Neff, president and CEO, Tellan Software. "By
combining the technological expertise of Tellan and CyberCash, as well as our
companies' broad channel relationships and investment potential, CyberCash is
poised to dominate the payment software market for years to come."
CyberCash founder and CEO Bill Melton, who also founded VeriFone, Inc.,
the market leader in physical payment terminals, said the long-term future of
software-based payment systems is far more promising than that of hardware-based
point-of-sale terminals and cash registers. Neff, who was a key member in 1980
at the Visa introduction of bank terminals, concurs that the future is in
software and integration.
"Similar to other proprietary hardware solutions, the days of the
stand-alone, dedicated payment terminal are numbered, and the advent of the
Internet as a key shopping outlet only makes that more certain," said Melton.
ABOUT CYBERCASH, INC.
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CyberCash is the world leader in e-commerce technologies and services,
enabling commerce across the entire market spectrum from electronic retailing
environments to the Internet.
CyberCash provides a complete line of software products and services
allowing merchants, billers, financial institutions and consumers to conduct
secure transactions and other e-commerce functions using the broadest array of
popular payment forms. Credit, debit, purchase cards, cash, checks, smart cards
and alternative payment types (e.g., "frequent buyer" or loyalty programs) are
all supported by CyberCash payment solutions. Leading brands of CyberCash
include ICVERIFY(R), PCVERIFY(TM), CashRegister (TM), NetVERIFY(TM),
CyberCoin(R), PayNow(TM), and InstaBuy (TM).
CyberCash, Inc., headquartered in Reston, Virginia, USA, maintains a
global presence with offices and joint ventures operating throughout North
America, Europe and Asia.
For more information about CyberCash, please visit our web site at
www.cybercash.com.
ABOUT TELLAN SOFTWARE, INC.
Tellan manufactures and distributes a comprehensive line of electronic
payment solutions for merchants using PCs as their electronic cash registers,
and mail order and home-based
businesses, as well as global enterprises wishing to consolidate payment
applications into a centralized payment platform. Tellan Software is a privately
held corporation with headquarters in San Jose, California. For more
information, visit Tellan on the world wide web at http://www.tellan.com.
This press release contains statements that are forward looking, including
statements about the Company's future profitability and stock price. They are
based on the Company's current expectations, and are subject to a number of
uncertainties and risks, and actual results may differ materially. The
uncertainties and risks include the need for additional capital, the pace of
growth of Internet commerce, the development by the Company and its competitors
of new products and services, strategic decisions by major participants in the
industry, competitive pricing pressures, legal and regulatory developments,
general economic conditions, and stock market developments affecting technology
companies. Further information about these and other relevant risks and
uncertainties may be found in the Company's report on Form 10-K, and its other
filings with the Securities and Exchange Commission, all of which are available
from the Commission and from the Company's worldwide web site
http://www.cybercash.com as well as other sources.
