American Internet consumer to consumer retail company eBay Inc said that it has agreed to acquire payment platform Braintree. The acquisition deal would cost eBay around USD800 million in cash.
Chicago-based Braintree, founded in 2007 by Bryan Johnson, assists online businesses collect credit card payments. eBay President and CEO John Donahoe said in a statement that the acquisition was meant to boost eBay's Paypal business.
"Bill Ready (CEO of Braintree) and his team add complementary talent and technology that we believe will help accelerate PayPal's global leadership in mobile payments. 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," Donahoe said.
Braintree also operates mobile payments solution Venmo, of which the company acquired last year. According to information technology news site Techcrunch, Venmo was an integral part of Paypal's, and ultimately, eBay's attraction to Braintree.
Ready would be reporting to Paypal president David Marcus, but would be running Braintree as an independent service within PayPal.
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