By Sonya Rabbitte, 22 August 2000 16:25
NEWS Paytrust, an online bill payment company backed by AT&T, Softbank and American Express, has acquired rival PayMyBills.com in an attempt to revive its flagging fortunes. According to US reports, Paytrust backers are paying for the more profitable PayMyBills to keep their share in what is proving to be a lucrative market in the states. Paytrust filed for an IPO in March but withdrew plans in April, citing unfavourable market conditions. The company, which allows users to pay bills via the internet, posted a loss of $9.5m on revenues of $10,269 last year. Meanwhile PayMyBills.com, backed by dot-com incubator Idealabs, raised $30m in investment earlier this year. Paytrust's largest investor is AT&T venture fund, which holds a 20.5 per cent stake Softbank technology ventures, with a 16.8 per cent stake and American Express which holds a 5.6 per cent stake.
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