Simility

Simility — the American developer of technologies for prevention of financial fraud using algorithms of artificial intelligence. The company founded in 2014 helps clients to collect and analyze data to avoid, for example, substitution of an account number or other fraudulent schemes. The Simility platform considers different sessions, devices and so-called behavioural biometrics, creates a profile of "normal" behavior of the owner of the account and prevents abnormal actions in case of detection.

History

2018: PayPal purchased Simility for $120 million

On June 21, 2018 PayPal announced acquisition of Simility for $120 million. The transaction which the buyer intends to pay from own means, it is going to close by the end of the third quarter.

PayPal is going to offer Simility services to the clients. As a result small online stores will have the same opportunities of protection against fraud which giants of the market of e-commerce have, the operating officer of PayPal Bill Ready told Reuters news agency.

PayPal purchased software developer for fraud prevention on the Internet of Simility

We buy the company providing excellent tools which sellers can independently use — he added.

For example, entrepreneurs will be able to use Simility technology for setup of the control facilities behind fraud depending on products which they offer.

According to credit bureau Experian, for 2017 in the USA fraud volumes upon online purchases grew by 30%. Merger of Simility will allow PayPal to prevent fraud at payment using the e-wallet of the company. Simility services will use huge data arrays of PayPal about fraud on the Internet, Bill Redi emphasized.^[1]

As notes the VentureBeat edition, the Simility company became the fourth acquisition of PayPal in 2018 and the 17th during all the time.

Notes