The Journey So Far And The Road Ahead
At Simility, we have worked hard over the past four years to protect global businesses operating in a digital-first world where customer behavior has changed, data breaches are the new norm and fraud is rapidly evolving. Our unique proposition was to offer a solution built for a new era, where the fundamentals of payments and commerce had changed. In just a short space of time, our vision became a reality: an industry-leading technology platform future-proofing fraud prevention for some of the world’s leading financial institutions, digital commerce businesses and fintech disruptors. That’s why we’re now excited to embark on the next phase of our journey.
Today, we are announcing an agreement to be acquired by PayPal. As part of the PayPal family, we will be able to take these industry-leading capabilities to a new customer-base of nearly 20 million businesses around the world — helping to drive innovation and growth on the back of more effective fraud and risk management.
In a data-centric and digital-first world, organizations everywhere are racing to gain an advantage by providing smarter, more connected services for their customers. These services are built on the processing of a volume, velocity and variety of data never before seen. It’s a world away from the structured databases of years past.
But this new environment creates new risks which threaten to undermine digital transformation. Breaches are the new normal and have led to a faster, more rapidly evolving fraud. Businesses need a partner to help balance effective security on one side and an excellent customer experience on the other.
Simility’s Adaptive Decisioning Platform offers fraud and risk professionals an extremely flexible, powerful way to prevent fraud. We’re able to create and ingest data from your site and app, enhance it with custom feeds from virtually any source, model and analyze it. Our machine learning engine adapts to each customer’s unique business needs, enhancing human insight and continuously evolving to detect anomalies. Crucially we offer the flexibility to incorporate customers’ existing models with our own, and rules based on historical analysis with our automated machine learning.
Simility was designed to be customized in a matter of hours without you needing to write a single line of code. Not only that, but the platform is engineered to learn and adapt as fraud inevitably evolves over time — future-proofing your investment.
The Next Stage
Our vision for fraud prevention in a post-breach, digital world has seen us become a trusted partner for some of the world’s best-known and most innovative finance and digital commerce firms.
Now we’re thrilled to be taking the next step of our journey with an established pioneer in global commerce. PayPal’s platform and trusted brand are backed by a world class risk management engine. Together with our strong machine learning capabilities and customizable risk tools, we can bring even greater value to merchants and partners.
For Simility, it’s a resounding vote of confidence in our business, our capabilities and our team. By teaming up with PayPal, we’ll be able to forge ahead with building truly world-class fraud and risk offerings to power the world’s top firms.
We expect the transaction to close in the third quarter of 2018.
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