PayPal acquired an Israeli software startup company for $169 million.
Fraud Sciences Ltd. has expertise in online risk tools.
PayPal, an eBay Inc. company, announced the acquistion of the privately held firm on Monday.
Fraud Sciences, which began marketing its product a year ago, is expected to remain in Israel and become PayPal’s local research and development center, according to the Israeli business newspaper Globes.
â€œIntegrating Fraud Sciencesâ€™ risk tools with PayPalâ€™s sophisticated fraud management system should allow us to be even more effective in protecting eBay and PayPal’s hundreds of millions of customers around the world,” said Scott Thompson, president of PayPal in a news release.
Fraud Sciences’ founders Shvat Shaked and Saar Wilf served in classified technology divisions in the Israeli army. They will join PayPalâ€™s technology and fraud management teams.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.