eBay to acquire global payments innovator Braintree

SAN JOSE & CHICAGO, USA: eBay Inc. announced that it has agreed to acquire Braintree, the innovative global payment platform powering the next generation of leading online and mobile-first startups, for total consideration of approximately $800 million in cash.

"Braintree is a perfect fit with PayPal," said eBay president and CEO John Donahoe. "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's payment platform powers next generation innovators such as Airbnb, OpenTable, TaskRabbit and Uber, which are creating compelling new consumer experiences and disrupting legacy business models.

Once the acquisition is completed, Braintree will continue to operate as a separate service within PayPal under the continued leadership of Braintree CEO Bill Ready, who will report to PayPal president, David Marcus. Braintree's management team and employees are expected to stay in place.