eBay has completed its previously announced acquisition of Braintree, a global payment platform powering the next generation of leading online and mobile-first startups.
In accordance with the terms of the acquisition agreement announced Sept. 26, eBay acquired Braintree for total consideration of approximately $800 million in cash.
Braintree will now operate as a separate service within PayPal under the leadership of Braintree CEO Bill Ready, who will report to PayPal President David Marcus and has joined PayPal’s executive staff.
Braintree has become the payment platform of choice for Airbnb, OpenTable, HotelTonight and Uber, transforming consumer experiences through mobile devices.
Venmo, Braintree’s mobile application that “gives people an easy way to pay each other using their mobile devices and leveraging social networks,” is part of the acquisition and will remain a separate app.