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EBay to buy mobile payment company Braintree

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By The Associated Press
Friday, Sept. 27, 2013, 12:01 a.m.

PayPal parent eBay said it is buying online and mobile payments technology provider Braintree for $800 million in cash.

Braintree's clients include popular startups such as vacation rentals site Airbnb, cab-hailing app Uber and restaurant reservations site OpenTable.

PayPal is working to evolve from its roots as an online payments provider by expanding its offline, mobile and online offerings to stores, restaurants and other business.

San Jose, Calif.-based eBay Inc. said it will operate Braintree as a separate business. Bill Ready, the CEO of the Chicago-based company, will report to Pay­Pal President David Marcus.

Braintree's roughly 200 employees are staying with the Chicago-based company.

EBay said it expects to close the deal before the end of the year.

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