- POSTED: 26 Sep 2013 22:43
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Online retailer eBay announced on Thursday it would acquire the mobile payments platform Braintree for $800 million in cash.
SAN FRANCISCO: Online retailer eBay announced on Thursday it would acquire the mobile payments platform Braintree for $800 million in cash.
The deal allows eBay to merge the service with PayPal, its own online payments service.
"Braintree is a perfect fit with PayPal," said eBay president and chief executive John Donahoe, adding that the deal would "add complementary talent and technology that we believe will help accelerate PayPal's global leadership in mobile payments."
Braintree's payment platform is used for a number of online firms such as Airbnb, OpenTable, TaskRabbit and Uber. Its mobile app called Venmo gives people an easy way to pay each other using their mobile devices.
Braintree will operate as a separate service within PayPal after the deal is completed, according to a statement.
Braintree chief executive Bill Ready said in the statement: "The alignment with PayPal means Braintree can continue to push the boundaries of innovation while expanding into new markets with increased speed and confidence.
"Our current customers and developer community can expect the same level of support and partnership they've always enjoyed, coupled with more resources."
The companies said they expect the deal to close late in the fourth quarter of 2013.
eBay, the largest online auction site, acquired PayPal in 2002, helping facilitate sales without credit cards.