Printed from http://www.electronista.com

eBay acquires payment startup Braintree for $800 million

updated 09:56 am EDT, Thu September 26, 2013

Buyout to bolster PayPal capabilities

eBay has agreed to acquire Braintree, a company that specializes in payment systems, for approximately $800 million in cash. The startup will initially operate as a separate division under eBay's PayPal division, which has served as a dominant competitor in the payment-services market.

Braintree's platform is said to be used by a wide range of companies, including Airbnb, OpenTable, TaskRabbit and Uber, among others. The company reports approximately $10 billion in payment processing each year, compared to $20 billion sent through PayPal.

"Bill Ready and his team add complementary talent and technology that we believe will help accelerate PayPal's global leadership in mobile payments," said eBay CEO John Donahoe. "Together, we expect that PayPal and Braintree also will accelerate our leadership in supporting developers who are creating innovative solutions for next generation commerce startups."

The deal currently awaits approval from regulators before finalization.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Logitech Hyperion Fury mouse

Selecting the correct gaming mouse comes down to finding a device that balances the needs of a user with a price they can afford. Ofte ...

Life n Soul BM211 Bluetooth speaker

Bluetooth speakers aren't only for listening to some music at the park or on a long bus ride, but can also be built with tablets in mi ...

Epson PowerLite Home Cinema 2030 projector

With high-definition televisions now the standard, 4K televisions becoming the next big thing, and plasma TVs going the way of the din ...

Sponsor

toggle

Most Commented

 
toggle

Popular News