American Express Tells PayPal, Revolution Money Don't Leave Home Without It
18 November 2009
Do you know that American Express will buy Revolution Money for $300,000,000?
The Cliffs Notes or MBA bullet point version.
- "The company's online person-to-person payment accounts are FDIC insured and ideally suited for social and instant messaging networks."
- "“New payments products and platforms are evolving rapidly and it's important for us to keep identifying cutting edge technologies that can extend our leadership beyond the traditional payments arena,” said Kenneth I. Chenault, chairman and chief executive officer of American Express"
- "“Revolution Money has a lot of room to grow as it competes head-to-head with other online and person-to-person payment providers. We are committed to using our global brand recognition, marketing reach and network expertise to help reach a critical mass of customers,” said Mr. Chenault."
- ""We have built a next-generation payments platform that will enable American Express to compete even more effectively, especially against online competitors,"" Ted Leonsis
- "The transaction, which is subject to regulatory review, is expected to close in the first quarter of 2010. The purchase price is expected to be approximately $300 million. Upon closing, Revolution Money would operate as a subsidiary of American Express"
- "expanding Revolution Money payment solutions internationally, extending product offerings to banks that issue cards on the American Express network"
- "Revolution Money is part of the family of companies within Revolution LLC, which was founded by AOL co-founder Steve Case"
More change coming to eBay in 2010?
"Negative outcome. Not good."
Control, Hard Time on Planet Earth (1989)