Choate represented Braintree Payment Solutions, LLC, an innovative online and mobile payments platform, in its sale to eBay Inc. for $800 million. Braintree’s platform powers the payment systems for trailblazing businesses such as Airbnb, Fab, LivingSocial, OpenTable, TaskRabbit and Uber.
Choate’s deal team represented Braintree in negotiating the acquisition, which will make the company a part of eBay’s PayPal business unit. The transaction is expected to close in the fourth quarter of 2013. Choate’s deal team was led by Brian Lenihan.
Additionally, Choate provided strategic IP counsel to Braintree, helping develop the intellectual property portfolio for Braintree. Choate partner William Haulbrook, PhD led Choate’s IP work for Braintree.
eBay Inc. is a global commerce and payments leader founded in 1995 in San Jose, California. eBay Inc. connects millions of buyers and sellers and enabled $175 billion of commerce volume in 2012 through eBay, the world’s largest online marketplace, which allows users to buy and sell in nearly every country on earth; through PayPal, which enables individuals and businesses to securely, easily and quickly send and receive digital payments; and through eBay Enterprise, which enables omnichannel commerce, multichannel retailing and digital marketing for global enterprises in the US and internationally. The company also reaches millions through specialized marketplaces such as StubHub, the world’s largest ticket marketplace, and eBay classifieds sites, which together have a presence in more than 1,000 cities around the world.
PayPal provides a fast, safe way to pay and get paid online, via a mobile device and in store. With 132 million active accounts in 193 markets and 26 currencies around the world, PayPal enables global commerce, processing more than 7.7 million payments every day and an expected $20 billion in mobile payments in 2013. PayPal is an eBay company and contributed 40 percent of eBay Inc.’s revenues in 2012. PayPal is headquartered in San Jose, Calif. and its international headquarters is located in Singapore.
Braintree’s global payment platform expects to process approximately $12 billion in payment volume in 2013 for thousands of online and mobile commerce innovators. Merchants in more than 40 countries across North America, Europe and Australia can accept payments in more than 130 currencies using Braintree. Today, Braintree powers single-click purchasing for more than 40 million consumers and its mobile app, Venmo, gives people an easy way to pay using their mobile devices.
