PayPal is to establish a new cyber-security centre in Tel Aviv after confirming the acquisition of local vendor CyActive
Founded in 2013, CyActive is a cybersecurity company that uses predictive analytics to protect against malware. Paypal has not put a price on the acquisition, but local sources suggest it is in the $60 million ballpark.
It marks the company's second anti-fraud buyout in Israel, following the 2008 acquisition of risk tools and analytics firm Fraud Sciences.
Explaining the move to establish a fraud hub in Israel, James Barrese, PayPal CTO and SVP comments: "This new security center will allow us to tap into the country’s cutting-edge technology and top cybersecurity talent. Our goal is to extend our global security leadership, and bolster our efforts in predictive threat detection and prevention."