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eBay acquires Braintree, a competitor to its PayPal service for $800M

eBay wins $800 million bid for Braintree, a mobile payments platform that competes with PayPal (NASDAQ:EBAY)

| Business, Financial & Legal News | Posted: Sep 26, 2013 10:38 pm

Today, eBay has announced that it will be acquiring the mobile payments platform Braintree for a staggering $800 million in cash. The deal will includes Braintree's payment app Venmo, and the company's CEO, Bill Ready, will report directly to PayPal president David Marcus.

 

TweakTown image news/3/3/33158_1_ebay_acquires_braintree_a_competitor_to_its_paypal_service_for_800m.jpg

 

The rest of the Braintree staff will stay on in their current positions and business will continue as usual. For now, Braintree will operate as a separate company under eBay ownership. This acquisition is an interesting one, and at the moment, I am not sure if the buyout was to eliminate competition or acquire some IP that eBay did not want to license.

NEWS SOURCE
Thenextweb.com

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