Today PayPal announced it plans to acquire Israeli cyber-security startup CyActive.
The news comes just a day after Israeli newspaper, The Globes, reported that PayPal planned to buy CyActive for $60 million.
Founded in 2013, CyActive is a cybersecurity company that uses predictive analytics to protect against malware. PayPal chief technology officer James Barrese says the acquisition is part of a larger plan to build out a security center in Israel.
“There are great innovations that are happening in Israel. We want to harness that thought leadership and expertise and build it out into a cybersecurity hub for us,” says Barrese.
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CyActive and another PayPal acquisition, fraud detection network Fraud Sciences, will make-up the bulk of the new center.
Baresse also says that PayPal will share its own cyber-security research and findings with the wider community. Already PayPal has contributed to several public security standards like Domain-based Message Authentication, Reporting & Conformance (DMARC) and Fast Identity Online (FIDO).
PayPal is not currently disclosing financial information about the deal.
