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Ebay buys Braintree to boost PayPal's mobile presence | Ebay buys Braintree to boost PayPal's mobile presence |
(4 days later) | |
Ebay is buying online payment firm Braintree for about $800m (£500m) to strengthen its PayPal unit's presence on mobile devices. | Ebay is buying online payment firm Braintree for about $800m (£500m) to strengthen its PayPal unit's presence on mobile devices. |
Braintree's Venmo app lets consumers make payments on smartphones and tablets, an area eBay is targeting for expansion. | |
Although PayPal is the dominant online payment platform, it faces competition from firms such as Braintree. | Although PayPal is the dominant online payment platform, it faces competition from firms such as Braintree. |
About 40% of eBay's revenues come from PayPal, which has 120 million users | |
"We believe that this deal makes reasonable sense strategically as it expands PayPal's distribution and removes a competitor," said Mark Mahaney, an analyst at RBC Capital Markets. | "We believe that this deal makes reasonable sense strategically as it expands PayPal's distribution and removes a competitor," said Mark Mahaney, an analyst at RBC Capital Markets. |
Hill Ferguson, eBay's vice-president of global product, suggested more acquisitions to boost PayPal's mobile offering were being considered. "Anything's possible," he told reporters. | |
PayPal bought mobile app developer Duff Research in March to increase its technology expertise. | PayPal bought mobile app developer Duff Research in March to increase its technology expertise. |
Research firm IDC has forecast that worldwide purchases over mobile devices would exceed $1 trillion by 2017. | Research firm IDC has forecast that worldwide purchases over mobile devices would exceed $1 trillion by 2017. |
Ebay said the acquisition of Chicago-based Braintree should be completed by the end of the year. | Ebay said the acquisition of Chicago-based Braintree should be completed by the end of the year. |
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