Online payment platform PayPal is planning to set up a new cyber-security centre in Israel through the acquisition of an Israeli cybersecurity firm called CyActive.
The move is part of the company’s plan to expand its global security leadership and strengthen its efforts in predictive threat detection and prevention.
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The terms of the deal were not disclosed. However, media reports suggest that PayPal would pay $60m for CyActive.
Subject to customary closing conditions and regulatory approvals, the acquisition is expected to complete early in the second quarter of this year.
The new security center marks as an extension of PayPal’s already established Fraud and Risk Detection Center in Tel Aviv.
Founded in 2013, CyActive is a predictive cybersecurity company that uses predictive analytics to protect against malware.
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By GlobalData
