In a recent move PayPal acquired mobile app developer Duff Research. The reason cited by Paypal for this move is to become more more nimble and technology focused. However the payment processing giant (owned by eBay Inc) did not disclose the price at which it bought Duff Research.
Duff Research is a relatively new company that has just built about 40 mobile apps. Their client base includes companies like TiVo Inc and Adidas AG. The total number of employees in Duff Research is 18 employees which includes the co-founder Geoff Chatterton. Geoff Chatterton is expected to join PayPal.
Experts feel that this is move by PayPal is to combat new entrants like Square Inc, as it is losing its market share in online and mobile payments. PayPal is never known as an early adopter of new technology, however the current President President David Marcus it is trying to change that.
“What we’re really after with this deal is the innovators and experience,” said James Barrese, chief technology officer at PayPal. “We are reinventing our organization to be more technology led.”
Barrese also added that the Duff Research team will remain together at PayPal and will work on projects aimed at making PayPal’s main digital wallet product easier to use for consumers and merchants.