Payment vendor is seeking £40m acquisition of security firm.
PayPal is set to open a security centre in Israel following the acquisition of Israeli cybersecurity firm CyActive, in a deal rumoured to be worth $60m (£40m).
The move follows the payment merchant’s establishment of a fraud and risk centre in Tel Aviv, Israel’s second city after Jerusalem, and will coincide with plans to spin off the company from its existing owner eBay later this year.
James Barrese, CTO of PayPal, said in a company blogpost: "Located in one of the world’s top cybersecurity hubs, this new security centre 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."
Liran Tancman and Shlomi Boutnaru, respectively chief executive and CTO of CyActive, wrote on the firm’s blog: "PayPal is a company that shares our values and views security as a top priority.
"We are excited by the prospect of dramatically expanding our global reach and believe our combined efforts will help to build a leading security centre for PayPal."