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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.

@CharlesJGantt
Published Thu, Sep 26 2013 5:38 PM CDT   |   Updated Tue, Nov 3 2020 12:20 PM CST

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.

eBay acquires Braintree, a competitor to its PayPal service for $800M | TweakTown.com

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

A web developer by day, Charles comes to TweakTown after a short break from the Tech Journalism world. Formerly the Editor in Chief at TheBestCaseScenario, he now writes Maker and DIY content. Charles is a self proclaimed Maker of Things and is a major supporter of the Maker movement. In his free time, Charles likes to build just about anything, with past projects ranging from custom PC cooling control systems to 3D printers. Other expensive addictions include Photography, Astronomy and Home Automation.

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