The deal marks the fourth acquisition by the firm in the last 12 months, as it extends its reach to become a “one-stop solution for global commerce“.
Paypal, which already owns three percent of Simility, has now decided to acquire the firm because of its unique way of fraud prevention that goes beyond legacy, static rule-based offerings.
Simility works as a machine learning- powered fraud prevention tool which evolves with each transaction and allows merchants to adjust individual risk rules to reduce payment frauds. This technology will be integrated into Paypal’s platform upon completion of the deal.
Bill Ready, COO, PayPal, says: “PayPal has been at the forefront of developing innovative fraud prevention and risk management solutions for nearly 20 years, but until now, merchants haven’t been 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.”