This week PayPal announced that it paid $4 billion for Honey Science, a startup that was launched in 2012. 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. This is a BETA experience. Amid ad delivery issues, market saturation, etc., cost per user acquisition tends to fluctuate on the independent channel level. usually within minutes, free-of-charge using PayPal's in-app cash-a-check feature. This transaction will . Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. Image source: PayPal Holdings. I am a bot, and this action was performed automatically. (AP Photo/Jeff Chiu, File). Many shoppers are familiar with Honey's browser extension, which was launched when the company was founded. 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. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. InvestorRelations@PayPal.com. Webcast and Conference Call Information 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, 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. Matthew Cochrane owns shares of PayPal Holdings and Square. Gabrielle Rabinovitch These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. 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. The Los Angeles based company was incorporated in 2012. Founded. Honey was founded in 2012 and headquartered in Los Angeles. Venmo.com Great for questions about PayPal, transactions and problems! jcriscoe@paypal.com 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. PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. PayPal.com 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. Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. Honey offers an expansive suite of products and services that helps users score savings and deals as they shop online. 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 . The company develops toolsincluding a Chrome browser add-onthat make it easier for consumers to use digital coupons. 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. It can find you the best prices, show you price history, automatically apply the best coupons and give you other tips! 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. 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. 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 offers stickiness, frictionless design, and persistent valueinformed by precise persona and journey-mapping. 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. Honey also collects data from its users that might prove to be valuable to PayPal. This appears to be Amazon's first public warning about Honey's security concerns. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. The company sports 17 million monthly active users and works across 30,000 participating merchants' websites. 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 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 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.". 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. 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. Honey's customer base also matches up nicely with Venmo users. For more information, visit paypal.com. "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. 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. "To keep your data private and secure, uninstall this extension immediately.". 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. "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. . Hello, I recently found out that PayPal bought the 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. 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. Honey will remain headquartered in Los Angeles, and its co-founders, George Ruan and Ryan Hudson, are expected to continue to lead its team. ET Judging by its largest acquisition ever, PayPal believes it can capture. LinkedIn sets this cookie to store performed actions on the website. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Honey Science Corporation. This cookie is installed by Google Analytics. Customers who have buried themselves in pages of Google search results in the past looking for working promo codes can now instantly identify and apply them using Honey. 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. Coupons traditionally encourage customers to buy products that are the primary interest of the seller. 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. Visit www.joinhoney.com to shop smarter. Honey earns its commission from stores when customers use its platform to make a purchase. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. 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. "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 was profitable on a net income basis in 2018. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its . The acquisition is expected to be accretive to PayPal's non-GAAP earnings per share in 2021. "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. When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. 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. 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. 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. 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.". After looking over the online competitive landscape, "We think that Honey actually has the leading platform and set of capabilities around that. However at this time such a call may be frutile, though you can keep trying. Heads-up new paypal scam - Fake Invoice + 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. 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." 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. While it paid a high price for Honey Science, the potential created from the two entities' synergies is clear and feasible. They can then weed out the less active users afterward. PayPal.com 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. 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 also have the option to opt-out of these cookies. 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. 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. 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. To learn more and join Honey, visit www.joinhoney.com/paypal. Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. Investor Relations Contacts 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 . These cookies track visitors across websites and collect information to provide customized ads. 04/12/2019. 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. This can then be expanded to other stages with similar patterns of usage. 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. Ever.". 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. When Punch started working with Honey, we immediately implemented financial operations that could scale with them. Josh Criscoe On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. In addition, an archive of the webcast will be accessible for 90 days through the same link. 646.667.5065. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science . The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.. In fact, Honey repeatedly said that they werent actively looking for accounting help, but deep down the founder knew they probably needed it. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. The Los Angeles-based start-up was founded in 2012, and lets users find coupons while shopping online. Honey Science Corporation provides Honey, an online service that automatically finds coupon codes for the website users are shopping at and apply them to their order when they check out, saving money and coupon searching time. About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. The combination will help accelerate growth across both companies. 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. This website uses cookies to improve your experience. I reported the transaction to PayPal but I didn't get my money back, they just canceled the recurring automatic payments that it was set up for. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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. Intermediaries for a Win-Win transaction PayPal cannot earn the transactional fee if the buyer does not complete a purchase. Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. About PayPal The forward-looking statements contained in this announcement speak only as of the date hereof. The clear financial statements and CFO guidance really helped us in our early stage to maximize our revenue model and accelerate our growth.. Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. These cookies will be stored in your browser only with your consent. The acquisition is a pure data play and the power of data for personalization cannot be underestimated, which is why Im not surprised by the massive price tag on this acquisition, said Sudheesh Nair, who is the CEO of ThoughtSpot. PayPal.com 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. *Average returns of all recommendations since inception. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. So how did Honey create such a strong platform? This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Visit www.joinhoney.com to shop smarter. About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. This latest deal seems to fit well within PayPal's growing payments platform. Crew, Overstock, or Saks Fifth Avenue, and receive instant notifications when there's a better price. PayPal Honey is a browser extension that automatically finds and applies coupon codes at checkout with a single click. Forward-Looking Statements With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Yet more players continue to crowd the space, most notably from Apple Pay, Square's Cash App, and Zelle. Honey can use the customer segmentation model to identify which users land at a late stage more often than others and focus their attention on them. Amazon has a beef with the start-up PayPal recently acquired, Honey. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. Most importantly, it helps consumers past that important question, am I getting a good deal? The concept of loyalty, cash back, and coupons is not new to performance marketing, but both consumers and advertisers have been looking for an alternative to the status quo.. Honey also has the advantage of a treasure trove of data. Read more. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. Honey's plug-in has been compatible with Amazon since it hit the market roughly seven years ago. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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. We'll assume you're ok with this, but you can opt-out if you wish. 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 category only includes cookies that ensures basic functionalities and security features of the website. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. Please contact the moderators of this subreddit if you have any questions or concerns. The Motley Fool has a disclosure policy. But opting out of some of these cookies may affect your browsing experience. 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. "Honey is amongst the most transformative acquisitions in PayPal's history. November 21, 2019, 5:41 AM PayPal Holdings, Inc. PYPL has acquired Honey Science Corp. for a hefty amount of about $4 billion in a bid to expand beyond the core payments business. 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