SAN JOSE, Calif.--(BUSINESS WIRE)--
eBay Inc. (Nasdaq:EBAY) today announced it completed its previously
announced acquisition of Zong, a leading provider of payments through
mobile carrier billing. In accordance with the terms of the acquisition
agreement announced on July 7, 2011, eBay acquired Zong for total
consideration of approximately $240 million.
Zong leverages connections with more than 250 mobile network operators
around the world, offering localized, secure and easy-to-use payments
for digital goods and services in 21 languages and 45 countries.
Consumers simply enter their mobile phone numbers. Then, in a matter of
seconds, Zong verifies that number and clears the payment on the
customer's existing wireless service account.
Zong is now part of PayPal and adds complementary technology and talent
to help strengthen PayPal's leadership position in mobile payments and
digital goods. PayPal expects to process more than $3 billion in mobile
payments this year.
About eBay Inc.
Founded in 1995 in San Jose, Calif., eBay Inc. (NASDAQ:EBAY) is about
connecting buyers and sellers. We do so through eBay, the world's
largest online marketplace, which allows users to buy and sell in nearly
every country on earth; through PayPal, which enables individuals and
businesses to securely, easily and quickly send and receive online
payments; and through GSI, which facilitates ecommerce, multichannel
retailing and digital marketing for global enterprises. We also reach
millions through specialized marketplaces such as StubHub, the world's
largest ticket marketplace, and eBay classifieds sites, which together
have a presence in more than 1,000 cities around the world. For more
information about the company and its global portfolio of online brands,
PayPal is the faster, safer way to pay and get paid online. The service
allows people to send money without sharing financial information, with
the flexibility to pay using their account balances, bank accounts,
credit cards or promotional financing. With 100 million active accounts
in 190 markets and 25 currencies around the world, PayPal enables global
commerce. PayPal is an eBay (Nasdaq:EBAY) company. PayPal is
headquartered in San Jose, Calif. and its international headquarters is
located in Singapore. More information about the company can be found at www.paypal.com.
This announcement contains forward-looking statements that involve risks
and uncertainties, and actual results could differ materially from those
discussed. Factors that could cause or contribute to such differences
include, but are not limited to, future growth in mobile payments. More
information about potential factors which could affect our business and
results is included in eBay's Annual Report on Form 10-K for the year
ended December 31, 2010, its Quarterly Reports on Form 10-Q, its Current
Reports on Form 8-K, and other periodic filings. All forward-looking
statements are based on information available to eBay on the date
hereof, and eBay assumes no obligation to update such statements.
Sara Gorman, 408-967-4616
Source: eBay Inc.
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