SOURCE: Vindicia

October 15, 2008 09:00 ET

Vindicia Names Steve Klebe Senior VP of Business Development

Former CyberSource Executive to Head Corporate Development Along With Industry Partnership Expansion

REDWOOD CITY, CA--(Marketwire - October 15, 2008) - Vindicia, a leading provider of on-demand payment management software, today announced the appointment of Steve Klebe as senior vice president of business development. A payments industry veteran with more than 30 years of experience and a proven track record, Klebe will provide strategic planning and counsel on emerging market trends and growth opportunities.

Prior to joining Vindicia, Klebe served as vice president of sales and business development for Danal, Inc. Before that he was vice president of sales and business development at PassMark Security which he helped take from its inception to the leading provider of risk based authentication for online banking through to its sale to RSA/EMC. From 1996-2004, Klebe was vice president of sales and eventually the vice president of strategic alliances at CyberSource, a leading payment gateway and fraud prevention provider where he raised $6.5M in venture capital and developed a variety of product and marketing relationships with Visa, Paymentech, Bank of America and many others. Before CyberSource, Klebe served as the vice president of sales for CyberCash, the industry's first Internet payment gateway, where during his tenure, he built the sales organization from a staff of one to 24 and grew the customer base to more than 300.

Klebe has cemented himself as a payments industry icon through electronic payments and fraud prevention evangelism in the early stages of the industry and has continued to make his presence felt by building up younger companies and serving as a board member of the Electronic Transaction Association, co-chairing the internet committee of the Electronics Funds Transfer Association and joining the Advisory Board of the Direct Response Forum.

"We're pleased to welcome someone with Steve's experience and payments industry influence to our management team," said CEO Gene Hoffman. "His knowledge of payments, scalable billing models and fraud prevention measures will be an invaluable asset to Vindicia as we continue to develop our product line and expand our customer base."

"The online marketplace is evolving at a rapid rate with subscription-based businesses accounting for a large and growing percentage," said Klebe. "Vindicia identified the need for more sophisticated billing and payments solutions early on, and developed products from the ground up to address those needs. I look forward to working with the Vindicia team to facilitate and enhance its path of innovation and customer growth."

About Vindicia

Vindicia offers an integrated, on-demand billing and fraud management solution for online merchants. Vindicia CashBox is a best-of-breed billing system for creating and managing recurring and real-time payments and helps merchants improve customer retention and maximize profit. Vindicia ChargeGuard provides automated fraud screening and chargeback management services that enable merchants to recover lost revenue. A PCI Service Provider Level 1 company and SAS 70 Type 2 audited, Vindicia is a key payment management resource for some of the best-known brands on the Internet. For more information, visit www.vindicia.com.

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