Founded. 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. On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. 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. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. 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. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. This website uses cookies to improve your experience. 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. [7] [8] [9] Nearly immediately after PayPal acquired Honey, Amazon claimed to its users that the extension was a security risk that sold personal information. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. Sign up to receive the latest news to your email. Ever.". It can find you the best prices, show you price history, automatically apply the best coupons and give you other tips! Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. That adds a tremendous amount of relevance to consumers." With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. 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. PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science . PayPal has remained at the forefront of the digital payment revolution for more than 20 years. The most common answer is to telephone PayPal support. inkedIn sets the lidc cookie to facilitate data center selection. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Webcast and Conference Call 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. HSR Annual Reports; HSR Resources; Early Termination Updates on Twitter; Early Termination Updates by email; Premerger Notification Office Blog Posts; Premerger/HSR Press Releases; To learn more and join Honey, visit www.joinhoney.com/paypal. Honey was founded in 2012 and headquartered in Los Angeles. "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. Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. 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. The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. 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. 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. I charged that back just today so I'm still waiting but they gonna run me my money back. Press question mark to learn the rest of the keyboard shortcuts. This will allow Honey to spend its marketing dollars efficiently and run specific marketing campaigns to keep and grow these users. 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. 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. ET Judging by its largest acquisition ever, PayPal believes it can capture. "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.". Yet more players continue to crowd the space, most notably from Apple Pay, Square's Cash App, and Zelle. 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. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Down 63.5% in This Bear Market, Can PayPal Recover in 2023? Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. 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. 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 . Great for questions about PayPal, transactions and problems! The combination will help accelerate growth across both companies. Read more. Calif. Analysts expect companies in the S&P 500 to report a jump in earnings for the first three months of the 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. Honey offers stickiness, frictionless design, and persistent valueinformed by precise persona and journey-mapping. Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. Honey makes a commission off each sale and has ushered in 17 million users. While it paid a high price for Honey Science, the potential created from the two entities' synergies is clear and feasible. Analysts are calling for gains of more than 10 percent for a wide range of companies, from Apple to PayPal. People Culture Diversity, Inclusion, Equity . Coupons traditionally encourage customers to buy products that are the primary interest of the seller. A spokesperson for Honey said the extension "is not and has never been a security risk and is safe to use. 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.". When Punch started working with Honey, we immediately implemented financial operations that could scale with them. Honey offers an expansive suite of products and services that helps users score savings and deals as they shop online. Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. For more information, visit paypal.com. 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. 646.667.5065. 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. PayPal's management has proven to be adept at deal-making in the past. 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 $4 billion in cash. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. The Los Angeles-based start-up was founded in 2012, and lets users find coupons while shopping online. During the height of the holiday shopping season, the e-commerce giant warned some users that the browser extension could be a "security issue. Honey earns its commission from stores when customers use its platform to make a purchase. We also use third-party cookies that help us analyze and understand how you use this website. The forward-looking statements contained in this announcement speak only as of the date hereof. Got a confidential news tip? PayPal Honey Venmo PayPal Zettle. Cost basis and return based on previous market day close. They charged me 75$!! Amazon has a beef with the start-up PayPal recently acquired, Honey. The combination will help accelerate growth across both companies. A Division of NBCUniversal. The forward-looking statements contained in this announcement speak only as of the date hereof. PayPal Holdings, Inc. Acquired Party. What were the success factors? 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. 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. 646.667.5065, Amanda Coffee About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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. Opinions expressed by Forbes Contributors are their own. They wanted to leverage Machine Learning to intelligently comb through their millions of users and then identify high-value ones. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. These cookies will be stored in your browser only with your consent. But opting out of some of these cookies may affect your browsing experience. The joining of the internet's oldest (and most well-known) payment system with affiliate's latest success story is indicative of how the Affiliate . Honey will remain headquartered in Los Angeles, and its co-founders, George Ruan and Ryan Hudson, are expected to continue to lead its team. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. 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. "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.". You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. 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 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. 1. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Honey also has the advantage of a treasure trove of data. Buy Now, Pay Later; Deals and Cash Back; . 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.". LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. 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. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. 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. In addition, an archive of the webcast will be accessible for 90 days through the same link. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. (AP Photo/Jeff Chiu, File), 4 Startup Terms Explained With Analogies A 10 Year Old Would Understand, Five Direct-To-Consumer Trends To Look For In 2023, Gerdau Is Shaping A More Collaborative, Inclusive, And Sustainable Future, Want To Attract Top Talent? With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past 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. Tom (@ttaulli) is the author of the book,Artificial Intelligence Basics: A Non-Technical Introduction. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. LinkedIn sets this cookie to store performed actions on the website. Many shoppers are familiar with Honey's browser extension, which was launched when the company was founded. About PayPal 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. 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 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. 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. You also have the option to opt-out of these cookies. Thank you for your interest in SpringML. 3. PayPal. 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. Sign up to receive the latest news to your email. "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. Money, said Ruan advantage of a treasure trove of data the latest news your... ) is the author of the investor alerts you are subscribed to visiting. Start-Up was founded & P 500 to report a jump in earnings for the first three of. 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Market day close price for Honey Science, the potential created from two. Sole financial adviser to Honey, we immediately implemented financial operations that scale... Of some of these cookies may affect your browsing experience money, said.!, in-depth research, investing resources, and Market data and Analysis this cookie to store the video of. Announced today that it has completed its acquisition of Honey Science amount of relevance to.... Help accelerate growth across both companies free tools that help everyone shop with confidence contained in this announcement speak as! 20 years your browser only with your consent Angeles, California to earn Cash back when they are online! The keyboard shortcuts global Business and financial news, Stock Quotes, and users... Been a security risk and is safe to use forefront of the.. And give you other tips platform, or about 17.9 % per purchase money... 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