PayPal Completes Acquisition of Hyperwallet
SAN JOSE, Calif.--(BUSINESS WIRE)--
PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has
completed its acquisition of Hyperwallet for approximately $400 million
USD. This transaction will strengthen PayPal's payout capabilities and
enhance PayPal's ability to provide an integrated suite of payment
solutions to ecommerce platforms and marketplaces around the world.
This press release features multimedia. View the full release here:
Left to right: Peter Burridge, global chief operating officer of Hyperwallet, Juan Benitez, general manager of Braintree, and Brent Warrington, CEO of Hyperwallet. (Photo: Business Wire)
"Ecommerce platforms and marketplaces have been focused on creating
frictionless experiences for sellers to accept payments from buyers - an
area where PayPal and Braintree have really innovated, powering many of
the world's largest and most noteworthy marketplaces," said Bill Ready,
chief operating officer, PayPal. "We look forward to working with Brent
and the Hyperwallet team to strengthen our platform with advanced payout
capabilities as we build on our aspiration to serve the digital economy
with a full operating system for commerce."
With the close of the deal, Brent Warrington, CEO of Hyperwallet, now
joins PayPal and will continue to lead Hyperwallet, reporting to Juan
Benitez, VP and general manager of Braintree.
"I am proud of everything we've built at Hyperwallet - from humble
beginnings as a Vancouver-based startup to a global, world-class payouts
company with an unwavering dedication to our customers," said
Warrington. "The combination of PayPal and Hyperwallet creates a
powerful set of tools and services to help our customers pay the planet."
Fueled by a fundamental belief that having access to financial services
creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed
to democratizing financial services and empowering people and businesses
to join and thrive in the global economy. Our open digital payments
platform gives PayPal's 254 million active account holders the
confidence to connect and transact in new and powerful ways, whether
they are online, on a mobile device, in an app, or in person. Through a
combination of technological innovation and strategic
partnerships, PayPal creates better ways to manage and move money, and
offers choice and flexibility when sending payments, paying or getting
paid. Available in more than 200 markets around the world,
the PayPal platform, including Braintree, Venmo and Xoom, enables
consumers and merchants to receive money in more than 100 currencies,
withdraw funds in 56 currencies and hold balances in
their PayPal accounts in 25 currencies. For more information on PayPal,
For PayPal Holdings, Inc. financial information, visit https://investor.paypal-corp.com.
Hyperwallet's global payout platform provides growing organizations with
a fast, efficient, and transparent way to distribute funds to payees
almost anywhere in the world. Trusted by enterprise, ecommerce, and
on-demand platforms, Hyperwallet makes it easy to deliver a superior
payment experience through a single integration. Put your payees in
control with a range of convenient payment methods, enhanced financial
management tools, integrated payment tracking, and user-friendly
compliance and identity verification. Hyperwallet has offices in San
Francisco, Austin, London, Sydney, and Vancouver. You can learn more at hyperwallet.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 Hyperwallet's financial and operating results and business,
and the operation and management of Hyperwallet after 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 reaction to the
transaction of Hyperwallet's customers and business partners, the
reaction of competitors to the transaction, the retention of
Hyperwallet's employees, PayPal's plans for Hyperwallet, economic and
political conditions in the global markets in which PayPal and
Hyperwallet operate, the future growth of PayPal's and Hyperwallet's
businesses and the possibility that integration following the
transaction may be more difficult than expected. More information about
these and other factors can be found in PayPal Holdings, Inc.'s most
recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K and other filings with the Securities and
Exchange Commission (the "SEC"), and its future filings with the SEC.
PayPal expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements contained
herein to reflect any change in the expectations with regard thereto or
any change in events, conditions or circumstances on which any such
statement is based.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181115005757/en/
PayPal Holdings, Inc.
PayPal Investor Relations
Josh Criscoe, +1 646-667-5065
Source: PayPal Holdings, Inc.
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