Digital payments firm PayPal has agreed to buy Simility, a provider of fraud prevention and risk management technology, in a cash deal worth $120m.
Simility leverages artificial intelligence (AI) and big data analytics to help businesses address fraud concerns.
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Through the deal, merchants using PayPal will get access to machine learning-based fraud tools. Merchants can also tailor the tools to meet the nuances of individual businesses through their existing account management dashboard to meet the specific needs of their businesses.
The deal is anticipated to be wrapped up in the third quarter of this year.
PayPal COO Bill Ready said: “PayPal has been at the forefront of developing innovative fraud prevention and risk management solutions for nearly 20 years, and now, merchants will be able to configure those solutions to manage the unique complexities of their businesses.
“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.”
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By GlobalDataThe latest deal continues PayPal’s acquisition spree, coming close on the heels of its announcement to purchase payout platform Hyperwallet for $400m.
In May 2018, PayPal announced the acquisition of Swedish payments startup iZettle for $2.2bn and AI-powered prediction platform Jetlore.
In August last year, PayPal agreed to acquire Swift Financial, a provider of working capital solutions to small businesses in the US.
