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American Express to buy Case's Revolution Money

Associated Press

Posted on November 18, 2009 at 6:53 AM

Updated Wednesday, Nov 18 at 6:53 AM

ST PETERSBURG, Fla. (AP) — American Express says it will buy Revolution Money for about $300 million in an effort to stay current with ever-changing technology in the marketplace.

Revolution Money, which was established by AOL co-founder Steve Case's Revolution LLC in 2007, offers customers secure online payments whereby transactions are authorized with a PIN number. Its cards do not include names or account numbers.

The acquisition is expected to close in the first quarter. Revolution Money will become an American Express subsidiary after the deal's completion.

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