EBay has announced an agreement to buy global payment platform Braintree for $800 million.
The company will be integrated into eBay's PayPal unit. "Braintree is a perfect fit with PayPal,” said eBay President/CEO John Donahoe said in a press release announcing the deal. “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.”
Founded in 2007, the Chicago-based Braintree provides back-end payment solutions for Living Social, Uber and AirBnB, among others. In all, Braintree processes more than $10 billion in payments annually.
Image: Getty/Sean Gallup