PayPal to Acquire Simility to Expand Global Fraud Prevention and Risk Management Capabilities for Merchants
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"Digital commerce has exploded, and fraudsters have taken note, adapting
and developing new methods to carry out their crimes," said Bill Ready,
chief operating officer,
Following the close of the transaction, merchants on the
"Our vision for Simility was to create an adaptive risk management
platform that empowers organizations operating in a digital world to
manage an evolving fraud and risk landscape," said Rahul Pangam,
co-founder and CEO, Simility. "We are excited to enter the next phase of
our growth with
Subject to customary closing conditions, this transaction is expected to close in the third quarter of 2018.
Fueled by a fundamental belief that having access to financial services
Simility offers real-time risk and fraud decisioning solutions to protect global digital businesses. Simility's offerings are underpinned by the Adaptive Decisioning Platform built with a data-first approach to deliver continuous risk assurance. By combining artificial intelligence and big data analytics, Simility helps businesses orchestrate complex decisions to reduce friction, improve trust and solve complex fraud problems. Built by industry veterans, Similty is trusted by some of the world's leading consumer brands across financial services, payment processors and commerce merchants. For more information on Simility, visit simility.com.
This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect PayPal's expectations regarding the impact of this transaction on PayPal's and Simility's financial and operating results and business, the operation and management of Simility after the acquisition, and the timing of the closing of the acquisition. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", expect", "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions.
Forward-looking statements involve risks and uncertainties which may
cause actual results to differ materially from the statements made, and,
accordingly, readers should not place undue reliance on forward-looking
statements and information. Factors that could cause or contribute to
such differences include, but are not limited to, the timing and
possible outcome of security holder and regulatory approvals in
connection with the transaction, the possibility that the transaction
may not close, the reaction to the transaction of Simility customers and
business partners, the reaction of competitors to the transaction, the
retention of Simility's employees, PayPal's plans for Simility, economic
and political conditions in the global markets in which
The forward-looking statements contained in this press release speak
only as of the date hereof.
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