PayPal to buy Simility for $120M Cash
By MYBRANDBOOK
Paypal is on drive to give further benefit to its 237 million customers by the recent acquisitions of Palo Alto, California-based Simility sells machine-learning-based technology to help online merchants spot fraudsters and improve risk management, a fraud prevention specialist, for $120 million in cash.
PayPal had been an investor in Simility (it owns three percent of the company) along with Accel, the Valley Fund, Trinity Ventures and others. The startup had raised just under $25 million and was last valued at $52.75 million, according to figures from PitchBook, making this a decent return for its backers. The deal is expected to close in Q3.
Online fraud is increasingly seen as an urgent threat by banks across the world. Fraudsters obtain login credentials with social engineering, by hacking databases or by simply buying them on the Dark Web. With the growth of E-Commerce, organization can spread their business to national and international markets with minimum investment of capital. This huge growth in the popularity of e-commerce has led to a new generation of associated cyber threats.
PayPal has made a number of acquisitions recently, it is all about adding new technologies and tools to reflect the changing times and how that is playing out in the world of payments. The recent announcement on Simility, is to use a set of APIs and beacons that essentially monitor digital transactions and buying activity wherever they happen to take place: on mobile, web or in physical environments.
The acquisition underscores PayPal’s broader ambition to offer small online merchants the same capabilities of bigger e-commerce providers, Bill Ready, the company’s chief operating officer said Together with Simility, we will be able to put more control in the hands of our merchants to fight fraud while helping make commerce experiences faster and more secure.”
The acquisition will mean a more integrated approach for them where their PayPal services have a stronger layer of fraud protection on them, and they also get used to help form a bigger picture about the overall state of fraud that the companies.
We are excited to enter the next phase of our growth with PayPal and are thrilled to join them to help drive the next generation of payment and commerce solutions while scaling our business together,” said Rahul Pangam, chief executive officer, Simility. He further added, our vision for Simility was to create an adaptive risk management platform that empowers organizations operating in a digital world to manage an evolving fraud and risk landscape where data breaches are the new normal and we are excited to enter the next phase of our growth with PayPal .
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