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. 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. 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. Shop and Buy. A Division of NBCUniversal. My exposure was always to the partnership side of their business and having those professionals who were able to build relationships and work with brands and retailers is what made them successful, helped grow their business and will continue to drive the product forward., Honey is proving the next generation of customer loyalty, building a deep and long-term consumer relationship. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. 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. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. This week PayPal announced that it paid $4 billion for Honey Science, a startup that was launched in 2012. 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. This website uses cookies to improve your experience. Bots perform the massive computational tasks that are requiredand present the subsequent actions or data to humans for more subjective decision-making.. You may opt-out by. 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. Visit. 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 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. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. The forward-looking statements contained in this announcement speak only as of the date hereof. PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. That adds a tremendous amount of relevance to consumers." 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. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. Amazon shoppers are a single click away from lower prices on their items of interest. The acquisition makes a lot of sense for PayPal given the competitive landscape, said Richie Serna, who is the CEO of Finix. PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. Try contacting PayPal support using social media such as Facebook or Twitter as this works more often than telephoning. PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science . We also use third-party cookies that help us analyze and understand how you use this website. Honey also has the advantage of a treasure trove of data. The most common answer is to telephone PayPal support. "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. 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. Source: PayPal. 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. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. 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. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. did paypal just steal my money and ban me? With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. If frictionless payments become commoditized, essentially available from nearly every merchant and financial platform, then a large part of PayPal's value proposition to consumers and merchants simply disappears. On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. from 8 AM - 9 PM ET. [email protected] As consumers shop online, Honey scours promo codes and better deals elsewhere for the same products, ensuring its users always find the best prices. 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. These demographics overlap not only with Venmo but also with PayPal's core platform. To learn more and join Honey, visit www.joinhoney.com/paypal. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Granted. You must click the activation link in order to complete your subscription. Sign up to receive the latest news to your email. 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. About PayPal The acquisition will cost PayPal $4 billion, and it is said that Honey will. Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. After looking over the online competitive landscape, "We think that Honey actually has the leading platform and set of capabilities around that. The Los Angeles based company was incorporated in 2012. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Whats Best For Entrepreneurs: Optimism, Pessimism, Or Realism? 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. I charged that back just today so I'm still waiting but they gonna run me my money back. On the conference call, management noted that Honey's users were "predominantly" U.S. based, 70% were millennials, and 79% were females. Honey paves the way for PayPal to offer more value to its account holders and differentiate itself from competitors. Please note that with the current CoVid-19 crisis that support is very limited at PayPal. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.. This category only includes cookies that ensures basic functionalities and security features of the website. Punch was the missing piece of our puzzle. In addition, an archive of the webcast will be accessible for 90 days through the same link. Honey Science Corporation. 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. 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. They can select the products they want on Amazon, Macy's, Target, Walmart, J. Honey adopts a future-forward model of automation and analytics. Your file is ready for download. Deliver digital experiences that drives competitive advantage. Making the world smarter, happier, and richer. This is a BETA experience. 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. 646.667.5065, Amanda Coffee 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's management has proven to be adept at deal-making in the past. 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. 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. You can sign up for additional alert options at any time. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. However at this time such a call may be frutile, though you can keep trying. A spokesperson for Honey said the extension "is not and has never been a security risk and is safe to use. Sign up to receive the latest news to your email. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. The pardot cookie is set while the visitor is logged in as a Pardot user. But opting out of some of these cookies may affect your browsing experience. 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. "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. 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. 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. Eight Lessons To Take With You Through 2023. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. 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. Josh Criscoe 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 . They wanted to leverage Machine Learning to intelligently comb through their millions of users and then identify high-value ones. 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. Punch worked hard with the founders and management team to truly understand their cost of goods sold and how to improve their gross margins. 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. Great for questions about PayPal, transactions and problems! ContactsInvestor Relations ContactsGabrielle Rabinovitch[emailprotected], Media Relations ContactJosh Criscoe[emailprotected]646.667.5065, Cision Distribution 888-776-0942 PayPal has remained at the forefront of the digital payment revolution for more than 20 years. The company sports 17 million monthly active users and works across 30,000 participating merchants' websites. The Motley Fool has a disclosure policy. 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 marketing channel owners will now be reviewing 30, 60, 90-day feature engagement for new acquisition on a monthly cadence to inform buying strategy. PayPal for You. 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. Honey's customer base also matches up nicely with Venmo users. 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