Press Release March 16, 2015

Goodwin Procter Advises Paydiant in Sale to PayPal

A team of Goodwin attorneys recently advised Paydiant, a mobile payment company, in its sale to PayPal. The transaction is expected to close in late March or April and is subject to customary closing conditions and regulatory approvals. Terms were not disclosed.

Paydiant provides a white label mobile wallet platform that includes mobile payments, loyalty, offers, ATM cash access and related commerce services. The patented cloud-based platform enables merchants and banks to deploy their own secure mobile wallet solutions under their own brands, in their own apps. Based in Auburndale, Mass., Paydiant’s investors include North Bridge Venture Partners, General Catalyst Partners and Stage 1 Ventures.

Founded in 1998, PayPal is at the forefront of the digital payments revolution, processing almost 11.5 million payments for its customers daily. PayPal helps people send money without sharing financial information and with the flexibility to pay using their PayPal account balances, bank accounts, PayPal Credit and credit cards. With 162 million active digital wallets, the company has created an open and secure payments ecosystem people and businesses choose to securely transact with each other online, in stores and on mobile devices. PayPal is available to people in 203 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. PayPal is an eBay Inc. (Nasdaq: EBAY) company.

The Goodwin team advising Paydiant was led by partners John EganRobert Bishop and Howard Cubell, and included partners Andrew Goodman, Jeff Klein, and associates Brian McNeil, and Caitlin Murray.

More information on the transaction is available in PayPal’s blog announcement. Coverage of the transaction included articles in The Wall Street Journal, TechCrunchBloomberg and VentureBeat.