PayPal's corporate parent eBay has completed its $800 million acquisition of Braintree.
Braintree will now operate as a separate service within PayPal under Braintree CEO Bill Ready, who reports to David Marcus, PayPal's president. Venmo, Braintree's person-to-person mobile payments and social networking service, will remain as a standalone app under the PayPal/Braintree umbrella.
"Separately, PayPal and Braintree have been at the forefront of a wave of advances that have fueled big changes in how people shopped during the past 12 to 18 months. Together, we believe we offer a combination of scale, experience, business insight and technology talent that positions us to create unprecedented opportunities to accelerate innovation in the months and years ahead," says Marcus in a blog post on PayPal's site.
PayPal will integrate with Braintree's payment technology development tools, which are used by mobile commerce providers such as Airbnb, OpenTable, HotelTonight and Uber. Braintree's technology may also bolster PayPal's digital wallet.
"The long-term potential is endless. But our immediate focus is simple and straightforward. Now that the deal is complete, we're focused on working together to serve our customers by supporting the great services and solutions that they rely on today while we learn from each other and gain from each other's strengths," Marcus says in the blog post.
eBay, which reportedly beat out Google, Square and the card networks to buy Braintree, anticipates the acquisition will have an immaterial impact to PayPal's2013 total payment value and 2013 revenue guidance.