eBay's PayPal has just acquired Braintree payments platform for an all-cash amount of $800 million.
Braintree is a Chicago-based payments platform that is now being acquired by giant web retailer eBay's online payments startup PayPal. Although Square also wants to acquire Braintree, but PayPal sealed the acquisition deal for an all-cash amount of $800 million.
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According to TechCrunch, eBay Inc. President and CEO John Donahoe said, "“Braintree is a perfect fit with PayPal.” Bill Ready is the CEO of Braintree who will now report to PayPal President David Marcus.
John Donahoe also said, “Bill Ready 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.”