PayPal completes their fifth acquisition in the past 12 months, this time purchasing machine learning fraud prevention provider Simility for $120 million. PayPal COO Bill Ready says each of these five recent acquisitions are part of the company’s effort to strengthen the services they provide to merchants.
Simility was founded in 2014, they are based in Palo Alto and provide advanced risk analytic and modeling solutions for fraud prevention in the Customer Not Present (CNP) channel. Major clients include eBay/StubHub, Dick’s Sporting Goods and OfferUp. The fraud prevention provider had previously raised $25 million, including PayPal as one of their early investors.