The amout of the deal was $120m USD in cash, subject to certain adjustments.
The acquisition, part of a concerted effort to strengthen the suite of services the company can provide to merchants in order to become a one-stop solution for global commerce, follows an investment in Simility last year.
Simility has built a suite of machine learning-powered fraud tools that allow merchants to adjust individual risk rules to reduce fraudulent payment activity and, in some cases, verify transactions that may have otherwise failed. With the company’s capabilities and people, PayPal will accelerate its ability to provide merchants with transparency and control to manage the complexities of their businesses while improving fraud prevention.
Following the close of the deal, merchants on the PayPal platform will gain access to fraud tools that can be customized through their existing account management dashboard. PayPal will begin integration efforts with Simility at the close of the acquisition, which is expected in the third quarter of 2018. Once the acquisition closes, Simility CEO Rahul Pangam and the team will report to VP of Enterprise Services Platforms Tushar Shah. Simility’s office in Hyderabad will enhance the company’s presence in India, a key strategic market.