The acquisition is the fourth deal announced by PayPal in little over a month, as it continues to aggressively expand its business beyond just online payment processing.
In May it said it had agreed to acquire Swedish payments company iZettle for $2.2 billion, in its largest ever acquisition. This week it announced an agreement to acquire Hyperwallet Systems Inc, a company that helps online individual and small business sellers accept payments, while earlier this month it revealed plans to buy prediction platform Jetlore. The Simility deal comes as the threat of fraud for e-commerce companies continues to grow, as more business moves online and fraudsters refine their techniques. The rate of e-commerce fraud in the United States grew more than 30 percent in 2017 from a year earlier, according to a study by credit bureau Experian.