PayPal, the San Jose, Calif.-based payments technology company with a notable office in Boston, could be spun off from parent company eBay as early as 2015.
That’s according to a report from The Information (paywall), which says that:
Ebay has been telling potential recruits for the position of PayPal CEO that it’s considering spinning off the payments business as soon as next year, according to two people briefed on the conversations. The search for a new head of the unit began in June after former PayPal CEO David Marcus said he was leaving for Facebook.
As I reported in October, PayPal’s Boston office fills an important role for the company:
Several of the major initiatives at eBay-owned PayPal have key leaders at the Boston office, home to what’s known as the PayPal Media Network.
The office grew out of PayPal’s two Boston-area acquisitions in April 2011 — the $135 million acquisition of Where Inc. as well as the smaller acquisition of Fig Card.
Those initiatives include go-to-market activities (such as selling to agencies and big companies), product engineering and design, and PayPal Here (the company’s mobile credit card processing business, a Square competitor). PayPal employed 160 in Boston as of last fall.
The Financial District office, which opened in December 2012 with 65,000 square feet, is also home to about two dozen startups that are part of PayPal’s Boston incubator, StartTank.