Payments giant PayPal said it has purchased mobile appp developer StackMob. The terms of the acquisition deal were not disclosed, according to VentureBeat.
Under the terms of the said deal, StackMob will join the core engineering team of PayPal to help develop its platforms. PayPal CTO James Baresse said the acquisition should help PayPal in its future app and services development, the report said.
Since StackMob has focused so far on mobile, it will end up enhancing PayPal's own mobile services. Back in September, the payments firm launched a massive redesigning project for its mobile apps, the report explained.
Over the past few years, PayPal has emphasized the need to revolutionize its technology. While it had made some modernizations on its own, it has often chosen to acquire startups that can give it an immediate solution to its need, VentureBeat reported.
StackMob founder and Chief Executive Officer Ty Amell said: "The whole backend-as-a-service idea is about lowering barriers to successful mobile development. I think PayPal is uniquely positioned to really lower the barriers there [as] no one else [can]."
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