The acquisition is the fourth deal announced by PayPal in little over a month, as it continues to aggressively expand its business beyond just online payment processing.
PayPal Holdings Inc (PYPL.O) has agreed to acquire fraud prevention technology company Simility for $120 million in cash, it said on Thursday. FILE PHOTO: The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration/File Photo Palo Alto, California-based Simility sells machine-learning-based technology to help online merchants spot fraudsters and improve risk management. PayPal plans to make Simility’s services available to its merchants following the close of the transaction, which is expected by the end of the third quarter, it said. The acquisition underscores PayPal’s broader ambition to offer small online merchants the same capabilities of bigger e-commerce providers, Bill Ready, the company’s chief operating officer said in an interview. “We are buying a company that provides great tools that merchants can use on their own,” Ready said.