Winners find ways to win. It’s a motto that has helped Bill McKiernan push CyberSource Corp. through the dot-com meltdown and a tough restructuring to come out on the other side as a success. And in 2008, CyberSource, an e-commerce payment management company, posted revenue that was 96 percent higher than its 2007 revenue.
In 1994, McKiernan founded his company to sell software and deliver it electronically. CyberSource was one of the first Web sites to use the “buy button,” and McKiernan began licensing its payment processing and fraud capabilities to other companies to put “buy buttons” on their sites, and eventually, software.net was spun off from the company.
Today, CyberSource processes about one of every four U.S. e-commerce transactions and one of eight worldwide, eliminating the need for clients to build and maintain costly and complex commerce infrastructures. The company enables electronic payment processing in more than 190 countries and is the payment gateway for companies including Google, Nike, Microsoft, Yahoo and Starbucks.
More than 253,000 companies use CyberSource solutions, including half the companies that make up the Dow Jones Industrial Average, and in 2008, it processed 1.9 billion transactions, a 102 percent increase over 2007.
Going forward, McKiernan, CyberSource’s chairman and CEO, and his team plan to add new features and open new geographic areas to target the $800 billion e-commerce market. In Europe, the company is growing its United Kingdom-based operations to target new opportunities in Western Europe, where it processed 404 million transactions in 2008, up 84 percent over 2007.
CyberSource is also continuing to enhance its fraud solutions with new features, including device fingerprinting and advanced levels of automation.
How to reach: CyberSource Corp., (650) 965-6000 or www.cybersource.com