PayPal Holdings, Inc. Acquired Party. 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. These cookies will be stored in your browser only with your consent. 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. These demographics overlap not only with Venmo but also with PayPal's core platform. ContactsInvestor Relations ContactsGabrielle Rabinovitchgrabinovitch@paypal.com, Media Relations ContactJosh Criscoejcriscoe@paypal.com646.667.5065, View original content to download multimedia:http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html, For investor inquiries, please send us an email at 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. PayPal's management has proven to be adept at deal-making in the past. Despite the initial onboarding friction of installing a browser plug-in, Honey fulfills its promise of decreasing the time and energy needed to find online deals. 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. 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. PayPal. 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. Forward-Looking Statements In fact, Honey repeatedly said that they werent actively looking for accounting help, but deep down the founder knew they probably needed it. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. 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. The forward-looking statements contained in this announcement speak only as of the date hereof. 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. 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. Josh Criscoe After submitting your request, you will receive an activation email to the requested email address. SAN JOSE, Calif.- November 20, 2019 - 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.Honey, in combination with PayPal's two-sided network, will transform the shopping experience for PayPal's consumers while increasing sales and . To learn more and join Honey, visit www.joinhoney.com/paypal. The strategy has clearly worked, as PayPal now boasts more than 300 million active accounts that use its platforms to make about 40 transactions per year. 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. Webcast and Conference Call Information The Los Angeles-based start-up was founded in 2012, and lets users find coupons while. You may opt-out by. The acquisition is a pure data play and the power of data for personalization cannot be underestimated, which is why Im not surprised by the massive price tag on this acquisition, said Sudheesh Nair, who is the CEO of ThoughtSpot. 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 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. For more information, visit paypal.com. 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. ET, 1 Stunning Metric That Makes PayPal Stock a Screaming Buy, Nasdaq Bear Market: 3 Exceptional Growth Stocks Down More Than 60% to Buy Before They Start Soaring. This would incentivize users to check their app more often, increasing user engagement on PayPal's platforms. 1. Shop and Buy. 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. PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world., Combining PayPals assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants, said Hudson. which answers most questions. 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. PayPal closes $4bn Honey acquisition. However at this time such a call may be frutile, though you can keep trying. 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. 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. PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science . 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. The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. As the press release stated, "The acquisition supports PayPal and Honey's shared mission to simplify and personalize shopping experiences for consumers while driving conversion and increasing consumer engagement and sales for 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. Invest better with The Motley Fool. This convenience with Honey's price-tracking and discount-finding capabilities already formed a potent combination for shoppers. Granted. Learn More. (excluding tax or any additional fees, such as shipping), in order to determine the amount of Gold points you may earn for that order. 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. After looking over the online competitive landscape, "We think that Honey actually has the leading platform and set of capabilities around that. Press question mark to learn the rest of the keyboard shortcuts. Your file is ready for download. Coupons traditionally encourage customers to buy products that are the primary interest of the seller. Contacts To build this platform, the company raised a relatively small amount of venture capital:$49 million. And lastly, to do that, they built a great team. People Culture Diversity, Inclusion, Equity . Necessary cookies are absolutely essential for the website to function properly. Honey charges retailers between 0.5%to 10% of the sales using the coupons the app found. Honey will remain headquartered in Los Angeles, and its co-founders, George Ruan and Ryan Hudson, are expected to continue to lead its team. Sign up to receive the latest news to your email. This website uses cookies to improve your experience while you navigate through the website. The forward-looking statements contained in this announcement speak only as of the date hereof. "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. 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. 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. Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. This website uses cookies to improve your experience. The company develops toolsincluding a Chrome browser add-onthat make it easier for consumers to use digital coupons. Image source: PayPal Holdings. 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. from 8 AM - 9 PM ET. 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. PayPal Holdings (PYPL -2.05%) recently announced its largest acquisition ever, that of Honey Science Corporation, to the tune of $4 billion. As a partner of choice for our merchants, this is another way that we can help them build and strengthen their customer relationships, provide personalized offers, and drive incremental sales. 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. This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. The pardot cookie is set while the visitor is logged in as a Pardot user. Create an account to follow your favorite communities and start taking part in conversations. 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. Investor Relations Contacts Understanding which users are likely to generate more LTV would enable Honey to better target customers with advertising as well as determine how to optimally allocate marketing spend to different user LTV tiers. The cookie indicates an active session and is not used for tracking. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. 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. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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 will accelerate its growth by driving adoption among PayPal and Venmo's more than 275 million active consumer accounts and sourcing exclusive offers from PayPal's extensive network of 24 million merchant accounts. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. "PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world. Buy Now, Pay Later; Deals and Cash Back; . Factors that could cause or contribute to such differences include, but are not limited to, the timing and possible outcome of security holder and regulatory approvals in connection with the transaction, the possibility that the transaction may not close, 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. Thank you for your interest in SpringML. Honey would like to identify and acquire new high-value users. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. The clear financial statements and CFO guidance really helped us in our early stage to maximize our revenue model and accelerate our growth.. PayPal for You. As a partner of choice for our merchants, this is another way that we can help them build and strengthen their customer relationships, provide personalized offers, and drive incremental sales. 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. The Los Angeles-based start-up was founded in 2012, and lets users find coupons while shopping online. "Honey is amongst the most transformative acquisitions in PayPal's history. 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