Intercept sells iBill and EPX

Wow.

"InterCept said the purchase group includes Chief Executive John Perry, other management, and a third-party merchant payment services provider"

wonder who that is.. .

So they sell it to the CEO? What's so interesting about that? It probably could have been a stock swap giving him controlling interest..

this looks big

hhhm..3rd party processing..

That guy who ran Adstats...

No it's not.

I believe John Perry was part of the management team at Nova Information Systems (www.novainfo.com) before joining Intercept

I wonder if this was part of their 180 day plan?

Not unless their 180 day plan included taking a $135 million loss on ibill.

"I wonder if this was part of their 180 day plan?"

That was in inside joke

I wish them all the best

The Intercept iBill experiment looks to have finally been ended. Intercept now just needs to take a huge charge, and settle a sizable docket of lawsuits.

One thing that has always been good with iBill is that they paid out reliably. We never had issues with monies that iBill collected on, including reserves, and this issue was perhaps tops on our list of what we wanted in a processor. All has not be so great though. When iBill was purchased by Intercept, real development of adult went into a complete stall. In particular they havent done anything with Revshare, they havent pushed Next Gen out, they havent expanded their incorporation of alternative billing options.

What we did see with them that was good was that they spent a good amount of their energies on relationship building with the card associations, they cleaned up their portfolio and jettisoned alot of higher chargeback clients making the scrub easier on the remainder. The call center that handles customer inquiries also improved imo.

We will miss the financial transparency as I doubt we will be able to see the level of disclosure as to their financial health as well as their fine status with the card associations. To this day we know what they were fined by Mastercard, but that number is unknown for CCBill/Paycom/Jettis etc.

In taking their company private I would hope that the new management would learn from history as what were some of iBill's shortcomings when they were previously a privately held company. Alot of the issues that emerged when old iBill was sold to Intercept came from lack of oversight and a solid system of checks and balances. In their quest for volume, alot of times poor decisions were made (such as the Babenet fiasco). We want the guys who handle our monies to be taking a more conservative route instead of aggressive moves that can endanger the entire portfolio if improperly executed.

More info at
http://news.moneycentral.msn.com/tic...Symbol=US:ICPT

So Very True !!!!

FYI this doesn't change much with iBill, but intercept's stock will probably go up 25-50% when this is made official.

I dont agree. ICPT is not a large company to be taking $135 million dollar charges easily. Thats a HUGE black eye on the management team at ICPT that will take years to heal.

Today they are up 2% on 3x normal volume. Information is incorporated into an equities price before press releases get digested by the public at large. If this move really had a huge impact on ICPT's bottom line there would have been a stronger bounce today. I doubt you will see ICPT push to their preibill highs until their earnings grow significantly. The decline in the ICPT stock price in the last two years has been more about softnessin their core check processing business than how they tried to paint it as being caused by non performance of iBill and EPX.

I hope they will improve it

I hope they do clean things up, going private gives them that ability.