PayPal parent eBay Inc. confirmed that it's buying credit-card software company Braintree Inc. for $800 million, a deal that's been rumored for weeks.
It's the biggest acquisition of a Chicago software company since SPSS Inc. was bought by IBM Corp. for $1.2 billion in 2009. While it's not the IPO that some had hoped for Braintree, the acquisition by PayPal, a unit of Silicon Valley online auction pioneer eBay, is a big win. The deal will be a big payday for investors, including company founder Bryan Johnson and veteran tech entrepreneur Chuck Templeton.
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