Feeds

PayPal pays pals $800m for Braintree

It's an eBay no-brainer: buy a rival to branch out biz

Eight steps to building an HP BladeSystem

PayPal, the dough-handling arm of online tat bazaar eBay, is buying rival payments portal Braintree for $800m in cash.

Braintree, founded in the US in 2007, specialises in mobile transactions and has nearly 200 employees working out of offices in New York, Chicago and San Francisco.

Braintree's CEO William Ready said today that "everything" and "nothing" had changed since a few weeks back when he denied that he would sell the firm to a competitor.

He insisted that PayPal's takeover of Braintree, whose systems help outfits process credit card payments, would not affect its business. He also stated that he looked forward to a beautiful corporate friendship. Ready said in a blog post:

[W]e’ll continue to provide excellent customer service, thoughtful risk management and great APIs. Our teams and our culture will remain intact since we’ll continue to set direction for both.

He added that the merger would allow Braintree to "expand more quickly around the world" and said that the opportunity to be part of PayPal was "too good to pass up".

Earlier this year Google binned its competing Checkout payments system, ditching it in favour of Google Wallet.

The acquisition is expected to complete later this year. ®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
Bose says today IS F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.