PayPal President and CEO Designate, Dan Schulman, has taken to the company’s blog to announce that the payment giant will be acquiring Paydiant for US$228 million.
Paydiant, which was founded in 2010, has helped companies like Subway, Harris Teeter, Capital One and many others in the USA build mobile payments, offers and loyalty into their own mobile applications. Paydiant also owns and provides the mobile wallet platform for MCX for the worlds largest retailers such as Walmart, Target (USA Only), Sears, Wendy’s, Exxon, CVS and many others.
Schulman has stated in the post that with the addition of Paydiant, PayPal which is splitting itself from the control of eBay, will become a much stronger business partner for merchants.
Paydiants mobile developers, business leaders and founders Kevin Laracey and Chris Gardner will move over to PayPal with the acquisition once its goes through in either late March or April, once regulatory approvals and customary closing conditions have been finalised.
Dan will be catching up with Anuj, PayPal’s head of Strategy tomorrow, so it will be interesting to see what the company has in store for Paydiant here in Australia.
Editors Note: This article has been updated to reflect the rumoured price of the purchase to be US$228 million not US$22.8 billion which is the sum total of Paydiants payment volume last year.