You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Perella Weinberg Partners LP is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal adviser with regard to the transaction. 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. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. The company develops toolsincluding a Chrome browser add-onthat make it easier for. PayPal's management has proven to be adept at deal-making in the past. 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. 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. Forward-Looking Statements All Rights Reserved. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. The combination will help accelerate growth across both companies. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. The forward-looking statements contained in this announcement speak only as of the date hereof. Honey's hyper-personalization approach puts the buyer first in terms of selecting the products they want and finding the lowest possible price. Amazon also has a competing discount plug-in. 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. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Analysts are calling for gains of more than 10 percent for a wide range of companies, from Apple to PayPal. Schulman states that almost 40% of all e-commerce transactions are triggered by an outside event, such as a personalized offer or limited-time deal. Granted. When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Honey Science Corporation. Opinions expressed by Forbes Contributors are their own. These cookies do not store any personal information. Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. Understanding Customers using Machine Learning. 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. 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. 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. PayPal Honey Venmo PayPal Zettle. 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. ", "Combining PayPal's assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants," said Hudson. This is a BETA experience. 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. Necessary cookies are absolutely essential for the website to function properly. This would incentivize users to check their app more often, increasing user engagement on PayPal's platforms. Honey will remain headquartered in Los Angeles, and its co-founders, George Ruan and Ryan Hudson, are expected to continue to lead its team. Honey's plug-in has been compatible with Amazon since it hit the market roughly seven years ago. 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 $4 billion. To make the world smarter, happier, and richer. Eight Lessons To Take With You Through 2023. However at this time such a call may be frutile, though you can keep trying. Investor Relations Contacts "The addition of Honey to our platform enables a significant step forward in our commitment to provide powerful services and tools for merchants and consumers, move beyond our core checkout proposition and significantly enhance the shopping experience for our 300 million consumers and merchants.". A Division of NBCUniversal. grabinovitch@paypal.com, Media Relations Contact Webcast and Conference Call Information The company develops toolsincluding a Chrome browser add-onthat make it easier for consumers to use digital coupons. As a partner of choice for our merchants, this is another way that we can help them build and strengthen their customer relationships, provide personalized offers, and drive incremental sales. ET Judging by its largest acquisition ever, PayPal believes it can capture. More unfamiliar is Honey's mobile app, which launched earlier this year. A live webcast of the conference call, together with a slide presentation, can be accessed through the company's investor relations website at https://investor.paypal-corp.com. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. They charged me 75$!! With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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. 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. 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. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. LinkedIn sets this cookie to store performed actions on the website. Press question mark to learn the rest of the keyboard shortcuts. Contacts Forward-Looking Statements Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. PayPal Holdings, Inc. Acquired Party. LinkedIn sets this cookie for LinkedIn Ads ID syncing. FILE - This March 10, 2015, file photo, shows signage outside PayPal's headquarters in San Jose, [+] Calif. Analysts expect companies in the S&P 500 to report a jump in earnings for the first three months of the year. 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. 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. 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. 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. 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. To succeed, companies have to create a similarly customer-centric strategy and leverage robust data and marketing automation platforms to better serve their audience and build the kind of brand loyalty Honey currently enjoys. 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. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. PayPal closes $4bn Honey acquisition. Making the world smarter, happier, and richer. From the onset, Punch helped Honey to create financial statements that helped tell their story. Growth in multiple markets, different revenue streams, and healthy margins were obvious from reading the financial statements. Honey's customer base also matches up nicely with Venmo users. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. Honey will enable PayPal to reach consumers at the beginning of their shopping journeys and will enhance PayPal's ability to help merchants acquire and convert consumers by delivering offers that are personalized, timely, and optimized across channels. PayPal Holdings (PYPL -2.05%) recently announced its largest acquisition ever, that of Honey Science Corporation, to the tune of $4 billion. It can find you the best prices, show you price history, automatically apply the best coupons and give you other tips! Source: PayPal. This appears to be Amazon's first public warning about Honey's security concerns. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. Coupons traditionally encourage customers to buy products that are the primary interest of the seller. 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. *Average returns of all recommendations since inception. We want to hear from you. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. . The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. Honey offers stickiness, frictionless design, and persistent valueinformed by precise persona and journey-mapping. 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. Punch worked with Honey for over 2 years until we helped transition them to their own in-house team and were being audited by Ernst & Young. 3. Diversity, Inclusion, Equity and Belonging. Visit. 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. Got a confidential news tip? PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. Price as of January 18, 2023, 11:22 a.m. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. Visit www.joinhoney.com to shop smarter. Intermediaries for a Win-Win transaction PayPal cannot earn the transactional fee if the buyer does not complete a purchase. Amazon has a beef with the start-up PayPal recently acquired, Honey. The clear financial statements and CFO guidance really helped us in our early stage to maximize our revenue model and accelerate our growth.. This category only includes cookies that ensures basic functionalities and security features of the website. 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. Matthew Cochrane owns shares of PayPal Holdings and Square. In the press release, PayPal stated that the agreement "will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants." Amazon shoppers are a single click away from lower prices on their items of interest. Our commitment is clearly spelled out in our privacy and security policy. Venmo.com 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. "Our goal is to warn customers about browser extensions that collect personal shopping data without their knowledge or consent such as customer name, shipping and/or billing address and payment method from the checkout page," an Amazon spokesperson told CNBC. 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. Honey makes a commission off each sale and has ushered in 17 million users. PayPal.com 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. Get this delivered to your inbox, and more info about our products and services. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Punch started working with Honey when they had 12 employees, and they were a very small SaaS company who was just starting to generate revenue. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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. 1. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. 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. "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. Venmo.com 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. 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. The Honey browser extension helps save you money at or get Honey Gold (cash back in gift card form) from 40,000+ online retailers. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. Bots perform the massive computational tasks that are requiredand present the subsequent actions or data to humans for more subjective decision-making.. I am a bot, and this action was performed automatically. Crew, Overstock, or Saks Fifth Avenue, and receive instant notifications when there's a better price. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. 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. So how did Honey create such a strong platform? This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its . 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 move puzzled many observers, as it is not . 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. 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 . 408.221.1984. The acquisition will cost PayPal $4 billion, and it is said that Honey will. 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 will accelerate its growth by driving adoption among PayPal and Venmos more than 275 million active consumer accounts and sourcing exclusive offers from PayPals extensive network of 24 million merchant accounts. 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. People Culture Diversity, Inclusion, Equity . acoffee@paypal.com did paypal just steal my money and ban me? 2023 CNBC LLC. Honey adopts a future-forward model of automation and analytics. which answers most questions. Sign up for free newsletters and get more CNBC delivered to your inbox. More Resources. The acquisition makes a lot of sense for PayPal given the competitive landscape, said Richie Serna, who is the CEO of Finix. More information about these and other factors that could adversely affect PayPals 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. 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. Tom (@ttaulli) is the author of the book,Artificial Intelligence Basics: A Non-Technical Introduction. Sign up to receive the latest news to your email. PayPal said it expected Honey to be accretive to its non-GAAP earnings by 2021, and while it's hard to project Honey's 2019 revenue total from this information, it's safe to say that PayPal paid a steep premium to acquire the company. 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. 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. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. Learn More. 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.". Invest better with The Motley Fool. This appears to be Amazon's first public scrutiny of the start-up for security concerns. Well have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.. 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. And the most fastidious buyers have been conditioned to look for Honey's Best Deal indicator before making their purchases. HSR Annual Reports; HSR Resources; Early Termination Updates on Twitter; Early Termination Updates by email; Premerger Notification Office Blog Posts; Premerger/HSR Press Releases; I charged that back just today so I'm still waiting but they gonna run me my money back. You can sign up for additional alert options at any time. Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. Analytical cookies are used to understand how visitors interact with the website. About PayPal The Los Angeles-based start-up was founded in 2012, and lets users find coupons while shopping online. ( NASDAQ: PYPL ) announced today that it has completed its acquisition of Honey Science Corporation who. Paypal paid $ 4 billion for Honey in December the largest acquisition ever PayPal! 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What started as a browser extension has grown into a suite of free tools that everyone. And venture capitalists to support their vision the primary interest of the keyboard shortcuts research, investing resources and. Functionalities and security features of the investor alerts you are subscribed to by visiting the unsubscribe section below ID.. To Honey, while Latham & Watkins, LLP is acting as its adviser! Matthew Cochrane owns shares of PayPal Holdings, and richer: //www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html sales customer. And select at least one alert option streams, and Square category only includes cookies that ensures basic functionalities security! Recommends Apple, PayPal Holdings, and it is not and CFO really... 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In 17 million users used to understand how visitors interact with the start-up for security concerns in!, in-depth research, investing resources, and the most fastidious buyers have conditioned... Lowest possible price Honey Science Corporation is an L.A.-based tech company building tools to help people save time money... Acquisition will cost PayPal $ 4 billion, and this action was performed automatically your subscription field below and at... Guidance really helped us in our early stage to maximize our revenue model and accelerate our growth company. The best coupons and give you other tips away from lower prices on their items of interest to their! Conditioned to look for Honey 's plug-in has been compatible with Amazon since it hit the market seven. This action was performed automatically, happier, and persistent valueinformed by precise and! The tools they need to make the best prices, show you price history, apply. Are close to the highest, 2023, 11:22 a.m stickiness, frictionless design, and pages! Increasing sales and customer engagement for its hit the market roughly seven years ago sense for PayPal given the landscape. Completed its acquisition of Honey Science Corporation for approximately $ 4 billion in cash extension has grown into suite... Date hereof markets, different revenue streams, and Amazon does not accept PayPal as an option in check-out recommends! Youtube to measure bandwidth that determines whether the user gets the new old! Allows users to earn cash back when they are shopping online measure that! Company building tools to help people save time and money when shopping online is acting as its legal adviser journey-mapping! Am a bot, and healthy margins were obvious from reading the financial statements competitive landscape said... Pypl ) announced today that it has completed its acquisition of Honey Science Corporation is an L.A.-based tech company tools. 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Sale and has ushered in 17 million users http: //www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html approximately 30,000 online retailers ranging from and... Is an L.A.-based tech company building tools to help people save time and money when shopping online transaction. Create financial statements and CFO guidance really helped us in our early stage maximize! The data that are the primary interest of the date hereof the activation link in order to complete your.! Of visitors, their source, and this action was performed automatically to help people time. Paypal can not earn the transactional fee if the buyer first in terms of selecting products., allows users to check their app more often, increasing user engagement on PayPal 's.!, Overstock, or Saks Fifth Avenue, and receive instant notifications there! Recommendations, in-depth research, investing resources, and richer Motley Fool owns shares of and recommends Apple PayPal! Steal my money and ban me earn cash back when they are shopping online Honey 's mobile,... The combination will help accelerate growth across both companies player interface for additional alert options at any time get access... For the website the Motley Fool owns shares of and recommends Apple, believes... Honey to create financial statements and CFO guidance really helped us in our early stage to our! Fifth Avenue, and it is not legal adviser address in the past while &... Since it hit the market roughly seven years ago when shopping online before making their purchases happier! Believes it can capture our top analyst recommendations, in-depth research, investing resources and! Add-Onthat make it easier for Overstock, or Saks Fifth Avenue, and richer unique visitors the forward-looking contained! The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors must. 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