The online payment service PayPal announced on Thursday that it is in the advanced stage of acquiring Simility which is a leading fraud prevention and risk management platform. The acquisition has been adjudicated at an amount of $120 million in cash.
Bill Ready, the chief operating officer of PayPal stated that Simility will assist the company in accelerating its plans and provide its merchants with fraud fighting best-in-class tools. The acquisition will enhance PayPal’s ability to deliver fraud prevention and risk management solutions to merchants and their customers all over the world by helping to reduce fraudulent payment activity and, in some cases, verifying transactions that may have otherwise failed. the company will help to prevent such activities in the process of monitoring digital transactions and buying activity.
$PYPL has been at the forefront of fraud prevention & risk mgmt solutions for #smallbiz & retailers for 20 yrs. We’re acquiring @simility to further protect businesses and provide them w/ more control to manage their business. https://t.co/NGYzNIk1WJ pic.twitter.com/gMzMcNOuvc
— Bill Ready (@williamready) June 21, 2018
PayPal seems to be on a buying spree as the company has acquired three companies in about a month. PayPal had been an investor in Simility (it owns three percent of the company). The news comes two days after the company purchased payments startup Hyperwallet for $400 million.
“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,” said Rahul Pangam, co-founder and CEO of Simility. “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,” he added.
Simility is a fraud-detection company that helps them prevent fraud and abuse in real time with machine learning, big data analytics and data visualization capabilities. Its multi-layered fraud detection solution uses superior machine learning & device intelligence technology to safeguard your online businesses.
Paypal has made a number of acquisitions in the last few days and with this acquisition, it has increased one number of it. The company is on the path of success and growth as it is getting associated with a number of tech-based firms.