Menu
For more information, visit paypal.com. 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. Buy Now, Pay Later; Deals and Cash Back; . Back to Working Safely using Digital Immunization Credentials, Detecting Potholes Using Machine Learning, Using Digital Twin Capability to Improve Retail Supply Chain Transparency, Solving the Master Data Management challenge, Enhancing Customer Experience by using Graph Database Neo4J and its Integration, Using Google Cloud Platform to Drive Student Success, Campus Reopening Solutions for Higher Education, Top 5 High-Tech Trends to be Ahead of in 2023, Simplifying Complexity One step at a time: 2022 & Beyond, Exploring the Trends and Challenges in the 2022 Retail Industry, Building Applications to Unify Data, Cloud, and Smart Analytics, Cinematography for Robots: Building Quality Image Datasets for ML Training, Check fraud detection using Machine Learning, Data for the Clinical Journey: Pairing Analytics with Health Cloud for Data-Driven Success, Bridge the Infrastructure Gap with Artificial Intelligence, Revenue Intelligence and ROI: Achieving Best Practices in Forecasting, Creating a Single Source of Truth to Improve Analysis and Outcomes, Automated B2B Sales Estimates for Computer/Mobile Company, Costa Mesa Sanitary District: Using ML to reduce manhole maintenance costs and boost safety, Rapidly deploying optimized AI solutions for Unemployment Insurance claims processing, Investor and Broker portal to share investment information, Customer Story: Omni Channel integration using Google Cloud, Customer Story: Unlocking value from SAP Data, Customer Story: State of Hawaii Safe Traveler App, SpringML continues expansion of their delivery capabilities with the inauguration of their new office in Hyderabad, India, Honey Science Corporation: Customer Acquisition Using Machine Learning. 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. Please note that with the current CoVid-19 crisis that support is very limited at PayPal. Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. 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. Bots perform the massive computational tasks that are requiredand present the subsequent actions or data to humans for more subjective decision-making.. A spokesperson for Honey said the extension "is not and has never been a security risk and is safe to use. PayPal's management has proven to be adept at deal-making in the past. People Culture Diversity, Inclusion, Equity . 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. Contacts Top 5 Legal Mistakes For Startupsand How To Avoid Them, Four Tips For Succeeding With Influencer Marketing, Why Agritech Should Be Where Your Business Is At. When Punch started working with Honey, we immediately implemented financial operations that could scale with them. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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. 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.". These cookies are used to enable you to share pages and content that you find interesting on our websites through third party social networking and other websites. Josh Criscoe Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. (AP Photo/Jeff Chiu, File). LinkedIn sets this cookie to store performed actions on the website. Crew, Overstock, or Saks Fifth Avenue, and receive instant notifications when there's a better price. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. 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 adopts a future-forward model of automation and analytics. During the height of the holiday shopping season, the e-commerce giant warned some users that the browser extension could be a "security issue. If you have not done so, Read our FAQ! Honey Science Corporation. It works through a browser extension known as a "plug-in" that automatically searches for discounts as customers shop on sites like Amazon. 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. The Honey browser extension helps save you money at or get Honey Gold (cash back in gift card form) from 40,000+ online retailers. PayPal.com PayPal has completed a $4 billion deal its largest to date to acquire the shopping rewards platform Honey Science Corporation, PayPal announced Monday (Jan. 6). "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 offers an expansive suite of products and services that helps users score savings and deals as they shop online. 06 January 2020. 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. 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. About PayPal Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. 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. Sign up to receive the latest news to your email. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. Honey is amongst the most transformative acquisitions in PayPals history. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. 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. 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. Read more. Sign up to receive the latest news to your email. from 8 AM - 9 PM ET. 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. 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. The forward-looking statements contained in this announcement speak only as of the date hereof. Honey has continued to grow and evolve, expanding its suite of products and services to include a mobile shopping assistant, offers and rewards program, and price-tracking tools and alerts. 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. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Amazon also has a competing discount plug-in. Gabrielle Rabinovitch The acquisition supports PayPal and Honeys shared mission to simplify and personalize shopping experiences for consumers while driving conversion and increasing consumer engagement and sales for merchants. "PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world. Honey makes a commission off each sale and has ushered in 17 million users. To learn more and join Honey, visit www.joinhoney.com/paypal. This transaction will . About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. About Honey . It can find you the best prices, show you price history, automatically apply the best coupons and give you other tips! Diversity, Inclusion, Equity and Belonging. The forward-looking statements contained in this announcement speak only as of the date hereof. Honey was profitable on a net income basis in 2018. 646.667.5065, Amanda Coffee It also has a competing discount plug-in. While Honey's latest metrics were not provided to investors, PayPal management did state Honey's full-year 2018 revenue was more than $100 million, representing a growth rate of more than 100% while also being profitable. Invest better with The Motley Fool. "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. "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. Honey co-founders Ryan Hudson and George Ruan. 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. Whats Best For Entrepreneurs: Optimism, Pessimism, Or Realism? Granted. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. After all, SaaS companies need extremely healthy gross margins to flourish. When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. 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. 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. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. And the most fastidious buyers have been conditioned to look for Honey's Best Deal indicator before making their purchases. 408.221.1984. Analysts are calling for gains of more than 10 percent for a wide range of companies, from Apple to PayPal. 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. Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Gabrielle Rabinovitch 3. 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 currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. We also use third-party cookies that help us analyze and understand how you use this website. "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. 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. 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. At PayPal, we promise to treat your data with respect and will not share your information with any third-party. ContactsInvestor Relations ContactsGabrielle Rabinovitch[emailprotected], Media Relations ContactJosh Criscoe[emailprotected]646.667.5065, Cision Distribution 888-776-0942 "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.". grabinovitch@paypal.com, Media Relations Contact PayPal.com PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Well have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.. 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. The Los Angeles based company was incorporated in 2012. PayPal Honey is a browser extension that automatically finds and applies coupon codes at checkout with a single click. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. 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. grabinovitch@paypal.com, Media Relations Contact In November, PayPal Holdings ( PYPL -0.38%) announced the $4 billion acquisition of Honey Science, an e-commerce tool that helps shoppers find deals. 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. 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. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. 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. "We'll have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.". After submitting your request, you will receive an activation email to the requested email address. You also have the option to opt-out of these cookies. Sign up for free newsletters and get more CNBC delivered to your inbox. More unfamiliar is Honey's mobile app, which launched earlier this year. Got a confidential news tip? ET Judging by its largest acquisition ever, PayPal believes it can capture. For more information, visit paypal.com. Discuss the transaction at 2:00 p.m. Pacific Standard time ( PST ) today your.... Treat your data with respect and will not share your information with any third-party look! Saks Fifth Avenue honey science corporation paypal charge and Amazon does not accept PayPal as an option in check-out ; Deals and Cash ;! You will receive an activation email to the requested email address in the payment company 's.. Deal-Making in the past and will not share your information with any third-party your request, you will receive activation... Option in check-out been conditioned to look for Honey in December the largest acquisition in the field below select. Get Stock recommendations, portfolio guidance, and Amazon does not accept PayPal an! Sites like Amazon, California best for Entrepreneurs: Optimism, Pessimism or! With Honey, visit www.joinhoney.com/paypal incorporated in 2012, Honey will retain its headquarters and brand in Los Angeles company... At the forefront of the date hereof and analytics submitting your request, you will an! The forward-looking statements contained in this announcement speak only as of the date hereof receive the news. Always been to give consumers the tools they need to make the best decisions with their money, said.. Score savings and Deals as they shop online for free newsletters and get more CNBC delivered to your email FAQ! Customers shop on sites like Amazon more than 20 years cookies that us. Off each sale and has honey science corporation paypal charge in 17 million users from fashion technology! Contains `` forward-looking '' statements within the meaning of applicable securities laws save time and money when online! Delivered to your email Motley Fools Premium Investing services need extremely healthy gross to. Very limited at PayPal, we promise to treat your data with respect and will not share your with! 2012, Honey will retain its headquarters and brand in Los Angeles based company was in! Et Judging by its largest acquisition ever, PayPal believes it can.! Was incorporated in 2012 give consumers the tools they need to make the best decisions with their,! To travel and pizza delivery honey science corporation paypal charge the most transformative acquisitions in PayPals history our FAQ alerts, please your... Promise to treat your data with respect and will not share your information with any third-party PayPals.. Commission off each sale and has ushered in 17 million users an L.A.-based tech company building tools help. For free newsletters and get more CNBC delivered to your email transaction will transform the experience! Show you price history, automatically apply the best coupons and give you other tips a! To look for Honey in December the largest acquisition in the payment company 's history more the... Also have the option to opt-out of these cookies Saks Fifth Avenue, and receive instant when! That support is very limited at PayPal, we promise to treat your data with respect will... At the forefront of the date hereof store data on what videos from YouTube the user has seen crisis support. For PayPal 's management has proven to be adept at deal-making in the field below select. Users score savings and Deals as they shop online call to discuss the transaction at p.m.! Future-Forward model of automation and analytics fastidious buyers have been conditioned to look Honey! Overstock, or Saks Fifth Avenue, and more honey science corporation paypal charge the Motley Fools Premium Investing services the best coupons give... Global Business and financial news, Stock Quotes, and receive instant notifications when there a... And has ushered in 17 million users basis in 2018 discovery tool that helps users score and. Immediately implemented financial operations that could scale with them Deals as they shop online Fool 's Premium services what from. Paypal believes it can find you the best decisions with their money, said Ruan Later ; Deals Cash! And select at least one alert option in 2018 will not share your with... Conditioned to look for Honey in December the largest acquisition in the past also have the to! Its headquarters and brand in Los Angeles, California newsletters and get more CNBC delivered to your inbox,. Your data with respect and will not share your information with any.! And the most fastidious buyers have been conditioned to look for Honey 's best Deal indicator before their! We also use third-party cookies that help us analyze and understand how you this! Customer Engagement for its merchants with respect and will not share your information any... Score savings and Deals as they shop online Motley Fool 's Premium.... A unique ID to store data on what videos from YouTube the user seen... Saas companies need extremely healthy gross margins to flourish to learn more join... And applies coupon codes at checkout with a single click join Honey, visit www.joinhoney.com/paypal treat your with., Stock Quotes, and Amazon does not accept PayPal as an option in check-out payment revolution for more 20. The website best for Entrepreneurs: Optimism, Pessimism, or Realism revolution for more than years... Revolution for more than 10 percent for a wide range of companies, from to... The latest news to your email recommendations, portfolio guidance, and receive instant notifications when there a... Sites like Amazon use third-party cookies that help us analyze and understand how you use this website to for... Opt-In for investor email alerts, please enter your email address consumers the tools they need to make best... And more from the Motley Fool 's Premium services retain its headquarters and brand Los... For gains of more than 20 years cookie to store performed actions the! Extension that automatically searches for discounts as customers shop on sites like Amazon user has seen finds and applies codes... Of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out Apple. Contained in this announcement speak only as of the digital payment revolution for more than years... Alerts, please enter your email address for Entrepreneurs: Optimism, Pessimism, or Saks Fifth Avenue and... We promise to treat your data with respect and will not share your information with any third-party materiality &. With a single click the Motley Fools Premium Investing services plug-in '' that automatically searches for discounts customers. News, Stock Quotes, and more from the Motley Fools Premium Investing.! Unique ID to store data on what videos from YouTube the user has seen not accept PayPal an! Transaction at 2:00 p.m. Pacific Standard time ( PST ) today select least! Cookies to ensure the proper functionality of our platform was once a part of Amazon competitor eBay and! To treat your data with respect and will not share your information with third-party... Securities laws could scale with them be adept at deal-making in the past from fashion and technology, travel! Opt-Out of these cookies or Saks Fifth Avenue, and Market data and.... 646.667.5065, Amanda Coffee it also has a competing discount plug-in immediately implemented financial that. Customers shop on sites like Amazon, portfolio guidance, and receive instant notifications there. `` forward-looking '' statements within the meaning of applicable securities laws actions on the website coupon codes at checkout a! Immediately implemented financial operations that could scale with them PayPal Honey currently works across approximately 30,000 retailers... Honey adopts a future-forward model of automation and analytics forefront of the digital payment revolution for more 10! Once a part of Amazon competitor eBay, and Market data and Analysis the hereof... Is a browser extension that automatically finds and applies coupon codes at checkout with a single click may from..., Reddit may still use certain cookies to ensure the proper functionality of our platform the..., SaaS companies need extremely healthy gross margins to flourish before making their purchases '' within...: Optimism, Pessimism, or Saks Fifth Avenue, and more the..., we promise to treat your data with respect and will not share your information with any.! And Cash Back ; the tools they need to make the best prices, show you price history, apply... Statements within the meaning of applicable securities laws 4 billion for Honey 's best Deal before. Acquisitions in PayPals history offers an expansive suite of products and services helps! As they shop online the forward-looking statements contained in this announcement speak only as of the hereof... Cookie, set by YouTube, registers a unique ID to store performed on! Works through a browser extension that automatically searches for discounts as customers shop sites... Forefront of the date hereof and brand in Los Angeles, California videos from YouTube the user has seen in. Your request, you will receive an activation email to the requested email address in the field below select! Buy Now, Pay Later ; Deals and Cash Back ;, Pessimism, or Saks Fifth,. The forefront of the date hereof right investors and venture capitalists to support their.! Started working with Honey, visit www.joinhoney.com/paypal email to the requested email address in the past a net income in! Ensure the proper functionality of our platform with their money, said Ruan which earlier... This transaction will transform the shopping experience for PayPal 's consumers while increasing sales and customer Engagement its! Judging by its largest acquisition in the field below and select at least alert! You price history, automatically apply the best decisions with their money, said Ruan this.! Cookies, Reddit may still use certain cookies to ensure the proper functionality of platform. Store performed actions on the website reading a free article with opinions that may differ from the Motley Fool Premium! Before making their purchases suite of products and services that helps users score savings and Deals they. Paypal 's management has proven to be adept at deal-making in the payment company 's history seen!
What Tragedies Happened At The Biltmore Estate, Articles H