To learn more and join Honey, visit www.joinhoney.com/paypal. Interestingly, PayPal management hinted that Honey's business model might change post acquisition as the company thinks through different ways to monetize personalized offers and user engagement. Many shoppers are familiar with Honey's browser extension, which was launched when the company was founded. This would incentivize users to check their app more often, increasing user engagement on PayPal's platforms. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.. More information about these and other factors that could adversely affect PayPal's results of operations, financial condition and prospects or that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the "SEC"), and its future filings with the SEC. This website uses cookies to improve your experience while you navigate through the website. The combination will help accelerate growth across both companies. Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. Josh Criscoe Through their affiliate partnerships, they did a good job of showing the value proposition of their tool, how it drove customer value, and how it was able to meet the KPIs that their partners were looking for. When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. ", "Combining PayPal's assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants," said Hudson. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. The Los Angeles-based start-up was founded in 2012, and lets users find coupons while shopping online. Forward-looking statements and information relate to future events and future performance and reflect PayPal's expectations regarding the impact of this transaction on PayPal's and Honey's financial and operating results and business, the operation and management of Honey after the acquisition, and the timing of the closing of the acquisition. From notifying you when a price drops, to showing you the lowest prices available, Honey provides you with the information that you need to make the best decisions with your money. "The addition of Honey to our platform enables a significant step forward in our commitment to provide powerful services and tools for merchants and consumers, move beyond our core checkout proposition and significantly enhance the shopping experience for our 300 million consumers and merchants.". PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. For more information, visit paypal.com. If PayPal is successful in cross-promoting Honey to its huge network of consumer accounts, Honey can help PayPal fend off competition, increase user engagement, and make Honey's mobile shopping assistant the next big thing in mobile commerce. Honey also has the advantage of a treasure trove of data. On November 20th, the news of PayPal's significant purchase of Honey, the internet's fastest growing consumer loyalty platform, sent shockwaves throughout the affiliate community. Analytical cookies are used to understand how visitors interact with the website. Well have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.. That adds a tremendous amount of relevance to consumers." The acquisition makes a lot of sense for PayPal given the competitive landscape, said Richie Serna, who is the CEO of Finix. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its . PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. More unfamiliar is Honey's mobile app, which launched earlier this year. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy. Honey paves the way for PayPal to offer more value to its account holders and differentiate itself from competitors. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. For more information, visit paypal.com. PayPal's management has proven to be adept at deal-making in the past. Visit www.joinhoney.comto shop smarter. PayPal Holdings (PYPL -2.05%) recently announced its largest acquisition ever, that of Honey Science Corporation, to the tune of $4 billion. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made, and, accordingly, readers should not place undue reliance on forward-looking statements and information. Amazon shoppers are a single click away from lower prices on their items of interest. You must click the activation link in order to complete your subscription. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 646.667.5065, Amanda Coffee Thank you for your interest in SpringML. The extension essentially travels with shoppers as they browse different shopping sites. Granted. Buy Now, Pay Later; Deals and Cash Back; . Honey also collects data from its users that might prove to be valuable to PayPal. Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. Granting Status. With Honey's Smart Shopping Assistant, users can add products and merchandise to the app from all participating merchants, essentially creating a one-stop online store. Honey was profitable on a net income basis in 2018. Data is a real-time snapshot *Data is delayed at least 15 minutes. More Resources. The cookie indicates an active session and is not used for tracking. Honey can use the customer segmentation model to identify which users land at a late stage more often than others and focus their attention on them. PayPal Holdings, Inc. announced that it has agreed to acquire Honey Science Corporation, a rapidly-growing technology platform for shopping and rewards, for approximately $4 billion. As consumers shop online, Honey scours promo codes and better deals elsewhere for the same products, ensuring its users always find the best prices. Founded. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made, and, accordingly, readers should not place undue reliance on forward-looking statements and information. SAN JOSE, Calif., Jan. 6, 2020 / PRNewswire / -- PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. SAN JOSE, Calif., Nov. 20, 2019 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that it has agreed to acquire Honey Science Corporation, a rapidly-growing technology platform for shopping and rewards, for approximately $4 billion. Sign up to receive the latest news to your email. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", expect", "project, "forecast", or "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions. Honey, in combination with PayPal's two-sided network, will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. This can then be expanded to other stages with similar patterns of usage. "The combination of Honey's complementary consumer products with our platform will significantly enhance our ability to drive engagement and play a more meaningful role in the daily lives of our consumers. For more information, visit, Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. To learn more and join Honey, visit www.joinhoney.com/paypal. By January 2018, Honey raised a total of $40.8 million in venture backing. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. Merchants don't mind paying this fee, because Honey can demonstrate that its platform increases sales conversion rates. It provides a broad portfolio of services to simplify the consumer shopping experience, while at the same time making it more affordable and rewarding, said Dan Schulman, president and CEO of PayPal. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. To learn more and join Honey, visit www.joinhoney.com/paypal. Isn't honey supposed to be free? For more information, visit paypal.com. Please note that with the current CoVid-19 crisis that support is very limited at PayPal. Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. Since it was founded in 2012, Honey has found its members more than $1 billion in savings and given back $8 million through its loyalty program. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. Cost basis and return based on previous market day close. PayPal Market Cap $79B Today's Change (-0.73%) -$0.51 Current Price $69.26 Price as of December 16, 2022, 4:00 p.m. The Motley Fool recommends eBay and recommends the following options: long January 2021 $18 calls on eBay, short January 2020 $70 puts on Square, short January 2020 $39 calls on eBay, and short January 2020 $97 calls on PayPal Holdings. Please contact the moderators of this subreddit if you have any questions or concerns. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. PayPal closes $4bn Honey acquisition. Drives increased sales and conversion for PayPal's merchants SAN JOSE, Calif., Nov. 20, 2019 / PRNewswire / -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that it has agreed to acquire Honey Science Corporation, a rapidly-growing technology platform for shopping and rewards, for approximately $4 billion. PayPal Holdings, Inc. Acquired Party. 2. Honey Co-founders George Ruan and Ryan Hudson will continue to lead the Honey team as part of PayPal's global consumer product and technology organization, reporting to Senior Vice President John Kunze. The marketing channel owners will now be reviewing 30, 60, 90-day feature engagement for new acquisition on a monthly cadence to inform buying strategy. Deliver digital experiences that drives competitive advantage. Got a confidential news tip? While shares dropped a few percentage points in the days following the announcement as investors questioned the acquisition, here are four possible reasons PayPal management believes this deal is worth the high price tag. PayPal Honey is a browser extension that automatically finds and applies coupon codes at checkout with a single click. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. More information about these and other factors that could adversely affect PayPal's results of operations, financial condition and prospects or that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the "SEC"), and its future filings with the SEC. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy. November 21, 2019, 5:41 AM PayPal Holdings, Inc. PYPL has acquired Honey Science Corp. for a hefty amount of about $4 billion in a bid to expand beyond the core payments business. And lastly, to do that, they built a great team. JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. Yet more players continue to crowd the space, most notably from Apple Pay, Square's Cash App, and Zelle. "We're thrilled to complete this transformative transaction and to welcome the Honey team to the PayPal family," said Dan Schulman, president and CEO of PayPal. PayPal and Amazon haven't historically worked closely together. A spokesperson for Honey said the extension "is not and has never been a security risk and is safe to use. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. PayPal. To see, I reached out to some veterans in the tech industry: Virgil Wong, the Global Practice Head and VP of Digital Experience/Creative at HGS Digital: Honey hits the sweet spot with data and hyper-personalization. Like most companies we work with, Honey had hired a mediocre bookkeeper who said that they had regularly worked with startups but in actuality was in over their head. More information about these and other factors that could adversely affect PayPal's results of operations, financial condition and prospects or that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the "SEC"), and its future filings with the SEC. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. . Sign up to receive the latest news to your email. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. If you have not done so, Read our FAQ! *Average returns of all recommendations since inception. A live webcast of the conference call, together with a slide presentation, can be accessed through the company's investor relations website at https://investor.paypal-corp.com. Customers who have buried themselves in pages of Google search results in the past looking for working promo codes can now instantly identify and apply them using Honey. Honey, in combination with PayPal's two-sided network, will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. Image source: PayPal Holdings. (AP Photo/Jeff Chiu, File), 4 Startup Terms Explained With Analogies A 10 Year Old Would Understand, Five Direct-To-Consumer Trends To Look For In 2023, Gerdau Is Shaping A More Collaborative, Inclusive, And Sustainable Future, Want To Attract Top Talent? Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. No one here can fix that or offer solutions. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. From notifying you when a price drops, to showing you the lowest prices available, Honey provides you with the information that you need to make the best decisions with your money. Adam Weiss, who operates Weiss Digital Consulting: After creating something that solved a need for consumers, they built their relationships with brands and retailers through the affiliate channel, which gave them scale and efficiency. Honey Co-founders George Ruan and Ryan Hudson will continue to lead the Honey team as part of PayPal's global consumer product and technology organization, reporting to Senior Vice President John Kunze. Charged $36 by honey science corporation : paypal Vote Posted by 6 minutes ago Charged $36 by honey science corporation Help Does anyone know why they charged me? Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. JoinHoney.com, Advances PayPal's leadership in digital commerce, Enhances PayPal's value proposition with an extensive set of consumer commerce capabilities, Drives increased sales and conversion for PayPal's merchants, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. Venmo.com Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. LinkedIn sets this cookie to store performed actions on the website. The forward-looking statements contained in this announcement speak only as of the date hereof. SAN JOSE, Calif., Jan. 6, 2020 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. A Division of NBCUniversal. Long before Honey was purchased by PayPal for $4 billion dollars, we reached out to Ryan, the founder, on Linkedin to see if they could use our service. This latest deal seems to fit well within PayPal's growing payments platform. The acquisition is expected to be accretive to PayPals non-GAAP earnings per share in 2021. "Honey's vision has always been to give consumers the tools they need to make the best decisions with their money," said Ruan. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. "We're thrilled to complete this transformative transaction and to welcome the Honey team to the PayPal family," said Dan Schulman, president and CEO of PayPal. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. These cookies track visitors across websites and collect information to provide customized ads. Source: PayPal. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Down 63.5% in This Bear Market, Can PayPal Recover in 2023? Forward-looking statements and information relate to future events and future performance and reflect PayPal's expectations regarding the impact of this transaction on PayPal's and Honey's financial and operating results and business, the operation and management of Honey after the acquisition, and the timing of the closing of the acquisition. SpringML partnered with Honey on exploring how data science and machine learning could be leveraged to improve its marketing efforts by understanding its customers and providing additional value to vendors and loyal users. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. JoinHoney.com. It works through a browser extension known as a "plug-in" that automatically searches for discounts as customers shop on sites like Amazon. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. I am a bot, and this action was performed automatically. ET Judging by its largest acquisition ever, PayPal believes it can capture. Punch helped Honey find their Series A investors that fueled their growth and assisted at every step of the way. 3 5 Related Topics PayPal Financial services Financial sector Business Business, Economics, and Finance 5 comments Best Add a Comment "PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. The combination of Honeys complementary consumer products with our platform will significantly enhance our ability to drive engagement and play a more meaningful role in the daily lives of our consumers. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made, and, accordingly, readers should not place undue reliance on forward-looking statements and information. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made, and, accordingly, readers should not place undue reliance on forward-looking statements and information. Honey is amongst the most transformative acquisitions in PayPals history. Coupons traditionally encourage customers to buy products that are the primary interest of the seller. 408.221.1984. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. InvestorRelations@PayPal.com. Personal. Great for questions about PayPal, transactions and problems! Factors that could cause or contribute to such differences include, but are not limited to, the reaction to the transaction of Honey's customers and business partners, the reaction of competitors to the transaction, the retention of Honey's employees, PayPal's plans for Honey, economic and political conditions in the global markets in which PayPal and Honey operate, the future growth of PayPal's and Honey's businesses and the possibility that integration following the transaction may be more difficult than expected. These cookies may also be used for advertising purposes. Honey is essentially automating coupons, price monitoring, and rewards for customers in a manner that is similar to how other companies are using intelligent automation to engineer and optimize business, interaction, and cognitive processes. Due to limited demographic information, these models can be used for early engagement based on the lifetime value. PayPal acquired Honey Science Corporation for $4 billion, its largest acquisition in company history. Since being spun off from eBay in 2015, PayPal has been striving to fill a niche by providing a platform-agnostic digital wallet, making online and mobile payments frictionless for its users. Sign up to receive the latest news to your email. This appears to be Amazon's first public scrutiny of the start-up for security concerns. And the most fastidious buyers have been conditioned to look for Honey's Best Deal indicator before making their purchases. Honey Science Corporation provides Honey, an online service that automatically finds coupon codes for the website users are shopping at and apply them to their order when they check out, saving money and coupon searching time. Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting. "We're thrilled to complete this transformative transaction and to welcome the Honey team to the PayPal family," said Dan Schulman, president and CEO of PayPal. Gabrielle Rabinovitch Honey gives PayPal the capability, through its various price-tracking and coupon-aggregation tools, to give consumers notifications when items they are watching go on sale or when they receive a personalized offer from one of their favorite sellers. Create an account to follow your favorite communities and start taking part in conversations. Very limited at PayPal '' statements within the meaning of applicable securities laws to offer more value to account! Demonstrate that its platform increases sales conversion rates primary interest of the seller legal.! The user using embedded YouTube video how visitors interact with the website with shoppers as they shop.! Be expanded to other stages with similar patterns of usage start taking part in conversations bandwidth that determines the... 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