Honey is amongst the most transformative acquisitions in PayPals history. 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. Honey will remain headquartered in Los Angeles, and its co-founders, George Ruan and Ryan Hudson, are expected to continue to lead its team. 04/12/2019. Press question mark to learn the rest of the keyboard shortcuts. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. This week PayPal announced that it paid $4 billion for Honey Science, a startup that was launched in 2012. 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. By January 2018, Honey raised a total of $40.8 million in venture backing. Honey was profitable on a net income basis in 2018. 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 acquisition makes a lot of sense for PayPal given the competitive landscape, said Richie Serna, who is the CEO of Finix. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. ", The company said it collects "limited shopping data" and uses it to analyze information on retail websites so users can find the best coupon, but does "not sell your personal information. Corporate Announcements PayPal Completes Acquisition of Honey 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. Amazon also has a competing discount plug-in. PayPal CEO: Consumer spend is still strong and we are not seeing a recession, During the height of the holiday shopping season, Amazon warned some users that the browser extension Honey could be a "security risk.". Honey also collects data from its users that might prove to be valuable to PayPal. "Honey is amongst the most transformative acquisitions in PayPal's history. PayPal and Amazon haven't historically worked closely together. All Rights Reserved. In addition, an archive of the webcast will be accessible for 90 days through the same link. Create an account to follow your favorite communities and start taking part in conversations. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. The cookie indicates an active session and is not used for tracking. Price as of January 18, 2023, 11:22 a.m. 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. 3. 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 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. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. You can sign up for additional alert options at any time. This website uses cookies to improve your experience while you navigate through the website. 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. 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. 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PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. Many shoppers are familiar with Honey's browser extension, which was launched when the company was founded. Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. . 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. 1. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Keep in mind that Honey has about 17 million MAUs (Monthly Active Users) and 30,000 online retailers, generating more than $1 billion in savings during the past year. Personal. "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.". The forward-looking statements contained in this announcement speak only as of the date hereof. Acquisition of Honey Science Corp. for US$4 billion Dec 31st, 2020 PayPal becomes the first foreign company to own 100% of a payment platform in China Jan 11th, 2021 $242 billion in Bitcoin assets are traded on the PayPal platform Jan 8th, 2021 PayPal invests in TaxBit, a company specialized in cryptocurrency fiscality Dec 2020 Average Discount. 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. 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 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. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Try contacting PayPal support using social media such as Facebook or Twitter as this works more often than telephoning. 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 cookies do not store any personal information. Coupons traditionally encourage customers to buy products that are the primary interest of the seller. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. 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. We want to hear from you. 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. . Analysts are calling for gains of more than 10 percent for a wide range of companies, from Apple to PayPal. About PayPal 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. PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science . 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. 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 Science Corporation. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Similarly, PayPal applies a fix-fee and percentage-fee paid by the vendor for each financial transaction facilitated. The combination will help accelerate growth across both companies. To learn more and join Honey, visit www.joinhoney.com/paypal. Honey will enable PayPal to reach consumers at the beginning of their shopping journeys and will enhance PayPals ability to help merchants acquire and convert consumers by delivering offers that are personalized, timely, and optimized across channels. Ever.". This transaction will . 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. No one here can fix that or offer solutions. Bots perform the massive computational tasks that are requiredand present the subsequent actions or data to humans for more subjective decision-making.. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. This latest deal seems to fit well within PayPal's growing payments platform. 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 charges retailers between 0.5%to 10% of the sales using the coupons the app found. But opting out of some of these cookies may affect your browsing experience. 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. Analysts are calling for gains of more than 10 percent for a wide range of companies, from Apple to PayPal. Punch worked hard with the founders and management team to truly understand their cost of goods sold and how to improve their gross margins. For more information, visit paypal.com. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. First of all, it should be noted that as privacy and security processes go in today's digital age, Honey's policies appear to be better than most. PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. The Los Angeles-based start-up was founded in 2012, and lets users find coupons while shopping online. It works through a browser extension known as a "plug-in" that automatically searches for discounts as customers shop on sites like Amazon. Josh Criscoe 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. 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. 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 Honey also has the advantage of a treasure trove of data. 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. usually within minutes, free-of-charge using PayPal's in-app cash-a-check feature. After all, SaaS companies need extremely healthy gross margins to flourish. Eight Lessons To Take With You Through 2023. It can find you the best prices, show you price history, automatically apply the best coupons and give you other tips! 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 has remained at the forefront of the digital payment revolution for more than 20 years. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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.". The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Forward-Looking Statements SpringML implemented two use cases a model that predicts the number of visits a user will make to the Honey website, as a proxy for customer lifetime value; and a model that segments users by the amount of times they complete code trials (stage 7 in Honeys sales funnel) to better understand differences in Honeys customer base. In addition, an archive of the webcast will be accessible for 90 days through the same link. Reddit and its partners use cookies and similar technologies to provide you with a better experience. YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data. PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. Amid ad delivery issues, market saturation, etc., cost per user acquisition tends to fluctuate on the independent channel level. 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. Here's Why PayPal Will Have a Better Year in 2023, 2 Top Stocks in Warren Buffett's Secret Portfolio to Buy Now and Hold Forever, 3 Reasons Tesla Stock Is a No-Brainer Buy in 2023, Social Security: 4 Big Changes Washington Wants to Make, Warren Buffett Is Raking in $4.84 Billion in Annual Dividend Income From These 6 Stocks, Better Buy in 2023: Apple Stock vs. Amazon Stock, Join Nearly 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. 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. On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. These cookies will be stored in your browser only with your consent. The forward-looking statements contained in this announcement speak only as of the date hereof. 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. When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. This can then be expanded to other stages with similar patterns of usage. "To keep your data private and secure, uninstall this extension immediately.". About Honey which answers most questions. 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. Visit www.joinhoney.com to shop smarter. This week PayPal announced that it paid $4 billion for Honey Science, a startup that was launched in 2012. A Division of NBCUniversal. 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. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. (AP Photo/Jeff Chiu, File). 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. 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