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 .
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
SAMRIDDHI AUTOMATIONS PVT. LTD.
DATA SAFEGUARD INDIA PRIVATE LIMITED
SAMSUNG INDIA ELECTRONICS LTD.
LAVA INTERNATIONAL LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
ICONS OF INDIA : SUNIL VACHANI
Sunil Vachani is the Chairman of Dixon Technologies (India) Ltd. Under...
PARTNER SPEAKERS
PSU
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
