CDT sets sail across the pond

CDT sets sail across the pond

Soon after announcing its intentions to relocate to the US, Sydney-based Internet payment facilitation company GPayments has revealed the company has selected Deutsche Bank as its investment banker.

GPayments, a company spun out of e-business solutions developer Creative Digital Technology, is looking to take its multi-payment gateway e-commerce financial platform to Silicon Valley and then to list on the NASDAQ exchange.

The German financial giant will assist in the first round of funding to set the office up in the US and then to prepare the initial public offering.

According to Bahram Boutorabi, CDT's CEO, Australian organisations have embraced the "e-" and ".com" principles into their business cultures but they are still missing the point on "g" for global.

"GPayments products are designed for global deployment and have both multilingual and multi-currency capabilities," Boutorabi said. "GPayments takes the pain out of dealing withglobal customers."

It is this simplicity, and the fact payments are not limited to credit cards, that is generating so much interest in the product.

Brent Clark, GPayments' project manager for CDT, told ARN that the core product, ActivePayment, is apayment gateway software solution which uses the Internet rather than leased landlines. He described it as a "B2B infrastructure layer" and "sort of e-commerce plumbing".

Other GPayments products include a device-independent digital wallet called ActiveWallet and a Web-based billing solution called BillPay.

"Our differentiator is that we are not a third party sitting between the merchants and a bank," said Clark. "Ours is a solution that sits with the banks, which have been slow to embrace the Internet. This re-empowers them and makes it worth their while as they get a bigger slice of the action."

Clark also said that GPayments has a payment-centric view to e-commerce, as opposed to differentiating between business-to-business [B2B] and business to-consumer [B2C] e-commerce.

"It's an opportunity to move secure transaction processing to the Internet medium," he said. "Once you present a range of payment options to both business and consumers the difference between the two [B2B and B2C] dissipates. You just have buyers and sellers transacting over the Internet."

US investors are still scrambling for this sort of technology, according to Clark. He said a small number ofsimilar companies on NASDAQ have market capitalisations of between $US250 million and $2.6 billion.

Clark added that it was "inappropriate" to discuss the amount of funding it was hoping to raise through a float, but he did indicate that it would be closer to the higher end of that range than the lower. GPayments expects to open a Silicon Valley office in July with a view to pushing onto NASDAQ "probably in Q4 2000", he said.

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