PayPal said on Thursday it acquired start-up Iron Pearl, bringing noted
"growth hackers" Stan Chudnovsky and James Currier on board to help the
online payments service expand more quickly.
PayPal, part of eBay Inc, did not disclose a purchase price.
is a dominant online payments service with more than 120 million users,
but its growth has slowed in recent years and the company's new
president, David Marcus, is looking for ways to revive that.
Pearl, a Silicon Valley start-up, analyzes data and develops computer
models designed to drive the viral spread of products and services over
the Internet, often across social networks such as Facebook Inc.
niche in the technology world is often called growth hacking, and
PayPal's Marcus said on Thursday that Chudnovsky and Currier are among
the leading growth hackers. Other top growth hackers include Chamath
Palihapitiya, who helped drive Facebook's own rapid expansion, Marcus
"It's time for PayPal to take this very seriously," Marcus said. "This is a key function of any growth company."
companies such as Facebook, LinkedIn Corp and Twitter have specific
groups of employees who focus on growth hacking and PayPal should too,
Chudnovsky will take on the new role of vice president
of growth at PayPal and report directly to Marcus, while Currier will be
a "growth adviser" to the company, Marcus said.
Currier started Tickle, an early social media 7company that used online
viral marketing and was acquired for $100 million by Monster in 2004.
Chudnovsky also helped design online growth strategies for start-ups such as GoodReads, Path and BranchOut.
a social network for readers to recommend books to friends online, was
acquired by Amazon.com Inc, the world's largest Internet retailer,
earlier this year.
© Thomson Reuters 2013