Philippe Courtot Joins PaymentNet™

Veteran of cc:Mail and Verity to guide
e-commerce transaction processing service

Pleasanton, CA . - April 6, 1999 - PaymentNet™ (, announced today that Philippe Courtot has been named chairman and CEO of the company. This announcement follows the recent completion of PaymentNet’s $7.6 million round of financing. The second round of financing included AT&T Ventures, Wells Fargo Bank, Convergence Partners, Bay View Investors, Ltd., GC&H Investments, and others.

Thomas L. Rosch, partner at AT&T Ventures, noted, "Philippe is a recognized visionary who brings entrepreneurial drive, Internet savvy and an industry track record that will enable PaymentNet to accelerate its market penetration."

Philippe Courtot added, "PaymentNet is well positioned to become the Internet transaction processing service of choice for businesses engaged in a wide range of e-commerce initiatives – not just Web merchants. The PaymentNet platform meets mission-critical requirements, and delivers high performance, reliability and security for processing multiple payment instruments."

Mr. Courtot has a solid record of success building small, innovative companies into industry leaders. Starting with only 12 people, he grew cc: Mail to an enterprise email powerhouse with 40% market share, competing directly against IBM, Microsoft and small email vendors. After the sale of cc: Mail to Lotus Development Corp., Courtot joined Verity in 1993 as president and CEO, and took the company public in November, 1995. Courtot is also acknowledged for his success in the medical field as CEO of Thomson CGR Medical Corp., (now a division of GE Medical) for building the company into the leader in mammography.

About PaymentNet

PaymentNet is a leading e-commerce transaction processing service. The service provides secure, Internet-based transaction and payment processing for a broad range of businesses that sell goods and services through a variety of e-commerce media.

PaymentNet offers industry-leading automation and customer care with its high-reliability credit card, debit card, and electronic check processing services. The service has been deployed across a wide range of businesses with excellent results. Notable customers include CBS SportsLine, EC Direct, Network Solutions, Inc., Value America, and Virtual Vineyards.

The PaymentNet service is based on a scalable, secure TCP/IP architecture that automates the processing of multiple payment instruments. It leverages the Internet as a virtual private network between PaymentNet’s proprietary transaction processing server and individual clients dispersed on Internet and Intranet locations. The service is pre-integrated with many leading "shopping carts" and integrates easily with e-commerce front-ends of many types.

PaymentNet is headquartered in Pleasanton, California, and can be found on the Web at Contact PaymentNet corporate offices at 925/225-1670.


PaymentNet is a trademark of PaymentNet, Inc. All other trademarks are property of their respective owners.

PaymentNet Contact:
Scott Collison
PaymentNet, Inc.
(925) 598-1106