Honey's hyper-personalization approach puts the buyer first in terms of selecting the products they want and finding the lowest possible price. Honey also has the advantage of a treasure trove of data. 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. usually within minutes, free-of-charge using PayPal's in-app cash-a-check feature. This cookie is installed by Google Analytics. That adds a tremendous amount of relevance to consumers." Acquired Entities. 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. 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. 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. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. The forward-looking statements contained in this announcement speak only as of the date hereof. The PayPal Rewards Program (the "PayPal Rewards Program", formerly known as the Honey Gold Program) is offered by PayPal to PayPal Honey accountholders via the PayPal Honey mobile app, https://www.joinhoney.com, the PayPal Honey extension made available to PayPal Honey users participating in the PayPal Rewards Program, and such other channels . 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. LinkedIn sets this cookie to remember a user's language setting. 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. 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. 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. 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. 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. ET Judging by its largest acquisition ever, PayPal believes it can capture. For more information, visit paypal.com. To make the world smarter, happier, and richer. Source: PayPal. If you have not done so, Read our FAQ! Yet more players continue to crowd the space, most notably from Apple Pay, Square's Cash App, and Zelle. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. PayPal acquired Honey Science Corporation for $4 billion, its largest acquisition in company history. 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 co-founders George Ruan and Ryan Hudson will continue to lead the Honey team as part of PayPals global consumer product and technology organization, reporting to Senior Vice President John Kunze. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.". A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. 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. 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 . (AP Photo/Jeff Chiu, File). You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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." Understanding Customers using Machine Learning. 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. ", "Combining PayPal's assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants," said Hudson. 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. "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. After submitting your request, you will receive an activation email to the requested email address. 2023 CNBC LLC. Our commitment is clearly spelled out in our privacy and security policy. During the height of the holiday shopping season, the e-commerce giant warned some users that the browser extension could be a "security issue. 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. These demographics overlap not only with Venmo but also with PayPal's core platform. For more information, visit paypal.com. Down 63.5% in This Bear Market, Can PayPal Recover in 2023? HSR Annual Reports; HSR Resources; Early Termination Updates on Twitter; Early Termination Updates by email; Premerger Notification Office Blog Posts; Premerger/HSR Press Releases; Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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. This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. LinkedIn sets this cookie to store performed actions on the website. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. And the most fastidious buyers have been conditioned to look for Honey's Best Deal indicator before making their purchases. "To keep your data private and secure, uninstall this extension immediately.". What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. ", 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. Amazon has a beef with the start-up PayPal recently acquired, Honey. The acquisition will cost PayPal $4 billion, and it is said that Honey will. 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. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 408.221.1984. Making the world smarter, happier, and richer. About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. For more information, visit, Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. Isn't honey supposed to be free? 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. 646.667.5065, Amanda Coffee This website uses cookies to improve your experience while you navigate through the website. This would incentivize users to check their app more often, increasing user engagement on PayPal's platforms. Data is a real-time snapshot *Data is delayed at least 15 minutes. grabinovitch@paypal.com, Media Relations Contact Merchants don't mind paying this fee, because Honey can demonstrate that its platform increases sales conversion rates. They wanted to leverage Machine Learning to intelligently comb through their millions of users and then identify high-value ones. This appears to be Amazon's first public scrutiny of the start-up for security concerns. When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. 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. Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. About Honey Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. 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