EBay has acquired payment gateway Braintree for $800 million in cash to complement its PayPal service.
“Braintree is a perfect fit with PayPal,” said eBay Inc. President and CEO John Donahoe in the company’s announcement on Thursday. “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.”
Braintree will continue to operate as a separate service within PayPal. Braintree CEO Bill Ready will report to PayPal President David Marcus, and the company is expected to maintain the same management team.
The company was founded in 2007 and has raised $69 million in outside funding, reports Tech Crunch. It is processing $12 billion in volume annually and more than $4 billion in mobile volume annually, a company spokeswoman said via email.
Braintree is used by several startups and tech companies, including Airbnb, Fab, LivingSocial, Uber, Twilio, and GitHub.
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