The Technology M&A team advised Paypal on its acquisition of Simility, a leading fraud prevention and risk management platform, for $120 million in cash, subject to certain adjustments. The acquisition of Simility will enhance PayPal’s ability to deliver fraud prevention and risk management solutions to merchants globally. Subject to customary closing conditions, this transaction is expected to close in the third quarter of 2018.
Following the close of the transaction, merchants on the PayPal platform will gain access to best-in-class fraud tools that can be customized to reflect the nuances of their businesses through their existing account management dashboard. These machine learning-powered tools, which dynamically adapt and evolve with each transaction, will enhance payment experiences for merchants and their customers by helping to reduce fraudulent payment activity and, in some cases, verifying transactions that may have otherwise failed.
PayPal is fueled by a fundamental belief that having access to financial services creates opportunity and is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy.
The Goodwin team was led by partner Lawrence Chu and included associates Daniel Espinoza, Benjamin Horwitz, and Ajay Sharma.
For additional details on the acquisition, please read the press release.