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PayPal, which is slated to split from eBay later
this year, did not disclose financial details but Israeli media
have said the acquisition was worth $60 million.
"Located in one of the world's top cybersecurity hubs, this new
security center will allow us to tap into the country's
cutting-edge technology and top cybersecurity talent," PayPal
chief technology officer James Barrese wrote in a blog on the
company's website.
CyActive, which can predict how malicious software will develop
and offer companies detection and prevention, had received a
strategic investment from the venture capital unit of Germany
company Siemens in September. Financial details were not
disclosed.
Siemens joined Jerusalem Venture Partners (JVP), an Israeli
venture capital firm, in investing in CyActive. JVP was the main
shareholder in another cyber security company, CyberArk
Software, which went public on Nasdaq in September.
Israel's dedication to developing its defense capabilities has
been extended to cyberspace in recent years, spawning an
industry which has attracted a near four-fold increase in
venture capital investment since 2010.
Besides jumpstarting the security center, Barrese said the
acquisition of CyActive will add "future-proof technology" to
PayPal's security platform.
This is PayPal's second acquisition in Israel, after
it bought FraudSciences, which monitors financial fraud, in 2008
for $169 million. PayPal has a fraud and risk detection center
in Tel Aviv.
(Reporting by Tova Cohen; Editing by Keith Weir)
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