|PayPal Continues Acquisition Spree, Buys E-commerce Startup|
In the months leading up to its split with eBay, PayPal made two significant acquisitions. The first was the $280 million it laid out for payments technology startup Paydiant, while the second came last month in the form of an $890 million all-cash deal for international money transfer company Xoom.
Following its spin off from eBay, the San Jose, Calif.-based company is continuing its buying spree, announcing on Wednesday that it was purchasing Modest, a Chicago startup that builds mobile e-commerce applications for small businesses. PayPal did not disclose the terms of the agreement, which will see all 20 Modest employees join its Braintree subsidiary in Chicago.