PayPal Agrees to Acquire Fraud Sciences
eBay announces that PayPal has agreed to acquire Fraud Sciences, a privately-held Israeli company with expertise in online risk tools, in a cash transaction with an aggregate transaction value of approximately $169 million. Fraud Sciences' risk tools and analytics are expected to enhance eBay and PayPal's proprietary fraud management systems and accelerate the development of next generation fraud detection tools.
The acquisition of Fraud Sciences fits into eBay's recently announced plans to significantly improve trust and safety across its sites in 2008. Key personnel from Fraud Sciences, including Yossi Barak, Fraud Sciences' COO, and founders Shvat Shaked and Saar Wilf, will join the company's technology and fraud management teams. Gadi Maier, Fraud Sciences' President and CEO, will provide strategic and operational support to the company during the integration period.
This acquisition, which is subject to the satisfaction of certain conditions, is expected to close within the next 30 days. eBay does not expect this acquisition to have a material impact on its 2008 financial guidance issued in conjunction with its fourth quarter earnings released on January 23, 2008.
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