EBay Inc. (Nasdaq: EBAY) is buying online payments company Braintree for $800 million.
Braintree, headquartered in Chicago, develops a payment technology that is used by Airbnb, OpenTable, TaskRabbit and Uber. The company developed Venmo, a mobile application that gives people a way to pay each other using mobile devices and social networks.
The group will be added to PayPal, which eBay picked up in 2002.
PayPal is known for being acquisitive, especially when it comes to shopping and the payments space. In April, the company acquired Iron Pearl, a Palo Alta, Calif. startup that focuses on customer engagement. And in July 2012, the company added Card.io, a service that enables users to use a smartphone camera to scan in credit card information for point-of-sale transactions.
Braintree had $69 million in venture capital backing from Accel Partners, New Enterprise Associates, RRE Ventures and Grecroft Partners.
San Jose, Calif.-based eBay says the deal should help it to support next generation commerce startups.
EBay was named Mergers & Acquisitions Strategic Buyer of the Year for 2011. The company recently picked up Decide.com, a software that advises web users about the best time to buy in certain product categories.
For more on eBay’s acquisition strategy, see “eBay’s Top Dealmaker Outlines M&A Strategy.”