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 latest deal seems to fit well within PayPal's growing payments platform. Venmo.com The acquisition is expected to be accretive to PayPals non-GAAP earnings per share in 2021. 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. 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. Through their affiliate partnerships, they did a good job of showing the value proposition of their tool, how it drove customer value, and how it was able to meet the KPIs that their partners were looking for. Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. First of all, it should be noted that as privacy and security processes go in today's digital age, Honey's policies appear to be better than most. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. A spokesperson for Honey said the extension "is not and has never been a security risk and is safe to use. PayPal.com About PayPal If you experience any issues with this process, please contact us for further assistance. These cookies do not store any personal information. On the conference call, management noted that Honey's users were "predominantly" U.S. based, 70% were millennials, and 79% were females. ContactsInvestor Relations ContactsGabrielle Rabinovitchgrabinovitch@paypal.com, Media Relations ContactJosh Criscoejcriscoe@paypal.com646.667.5065, View original content to download multimedia:http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html, For investor inquiries, please send us an email at If you have not done so, Read our FAQ! But opting out of some of these cookies may affect your browsing experience. 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. Image source: PayPal Holdings. On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. 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.". acoffee@paypal.com More unfamiliar is Honey's mobile app, which launched earlier this year. We'll assume you're ok with this, but you can opt-out if you wish. This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. ContactsInvestor Relations ContactsGabrielle Rabinovitch[emailprotected], Media Relations ContactJosh Criscoe[emailprotected]646.667.5065, Cision Distribution 888-776-0942 "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. No idea, charge it back as unauthorized and see what happens. However at this time such a call may be frutile, though you can keep trying. InvestorRelations@PayPal.com. "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.". Using cookies, pixel tags, web beacons, and other markers, Honey engages shoppers by tailoring its deals to each person's own unique preferences. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Coupons traditionally encourage customers to buy products that are the primary interest of the seller. The company sports 17 million monthly active users and works across 30,000 participating merchants' websites. 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. At PayPal, we promise to treat your data with respect and will not share your information with any third-party. 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. It provides a broad portfolio of services to simplify the consumer shopping experience, while at the same time making it more affordable and rewarding," said Dan Schulman, president and CEO of PayPal. The acquisition will cost PayPal $4 billion, and it is said that Honey will. Create an account to follow your favorite communities and start taking part in conversations. When Punch started working with Honey, we immediately implemented financial operations that could scale with them. Intermediaries for a Win-Win transaction PayPal cannot earn the transactional fee if the buyer does not complete a purchase. Ever.". Now that it can be combined with PayPal's ease-of-payment capabilities and exposed to the latter's 275 million consumer accounts, it could become one of the most valuable e-commerce properties today. 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. "To keep your data private and secure, uninstall this extension immediately.". Visit www.joinhoney.comto shop smarter. Honey offers stickiness, frictionless design, and persistent valueinformed by precise persona and journey-mapping. PayPal acquired Honey Science Corporation for $4 billion, its largest acquisition in company history. 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. 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. PayPal.com 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. Many shoppers are familiar with Honey's browser extension, which was launched when the company was founded. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. ", "Combining PayPal's assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants," said Hudson. 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.. 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. Crew, Overstock, or Saks Fifth Avenue, and receive instant notifications when there's a better price. Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. After submitting your request, you will receive an activation email to the requested email address. Sign up to receive the latest news to your email. Tom (@ttaulli) is the author of the book,Artificial Intelligence Basics: A Non-Technical Introduction. The forward-looking statements contained in this announcement speak only as of the date hereof. Try contacting PayPal support using social media such as Facebook or Twitter as this works more often than telephoning. 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. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Customers automatically find and apply coupon codes when they visit any one of over 30,000 retail websites. 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. PayPal. 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. JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. A Division of NBCUniversal. Got a confidential news tip? 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. Amazon also has a competing discount plug-in. 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. 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. ET, 1 Stunning Metric That Makes PayPal Stock a Screaming Buy, Nasdaq Bear Market: 3 Exceptional Growth Stocks Down More Than 60% to Buy Before They Start Soaring. To succeed, companies have to create a similarly customer-centric strategy and leverage robust data and marketing automation platforms to better serve their audience and build the kind of brand loyalty Honey currently enjoys. Contacts The clear financial statements and CFO guidance really helped us in our early stage to maximize our revenue model and accelerate our growth.. Making the world smarter, happier, and richer. People Culture Diversity, Inclusion, Equity . Eight Lessons To Take With You Through 2023. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Granted. Diversity, Inclusion, Equity and Belonging. 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. Please note that with the current CoVid-19 crisis that support is very limited at PayPal. The strategy has clearly worked, as PayPal now boasts more than 300 million active accounts that use its platforms to make about 40 transactions per year. 06 January 2020. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. These demographics overlap not only with Venmo but also with PayPal's core platform. Josh Criscoe "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 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. Learn More. This will allow Honey to spend its marketing dollars efficiently and run specific marketing campaigns to keep and grow these users. For more information, visit paypal.com. Source: PayPal. 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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. They wanted to leverage Machine Learning to intelligently comb through their millions of users and then identify high-value ones. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Thank you for your interest in SpringML. 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. Honey adopts a future-forward model of automation and analytics. 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 . Acquired Entities. Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. 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.". 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. 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. 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. 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. About PayPal This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. Whats Best For Entrepreneurs: Optimism, Pessimism, Or Realism? 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Honey's hyper-personalization approach puts the buyer first in terms of selecting the products they want and finding the lowest possible price. (excluding tax or any additional fees, such as shipping), in order to determine the amount of Gold points you may earn for that order. Heads-up new paypal scam - Fake Invoice + email. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. This appears to be Amazon's first public warning about Honey's security concerns. This transaction will . What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. PayPal Holdings (PYPL -2.05%) recently announced its largest acquisition ever, that of Honey Science Corporation, to the tune of $4 billion. This convenience with Honey's price-tracking and discount-finding capabilities already formed a potent combination for shoppers. From the onset, Punch helped Honey to create financial statements that helped tell their story. Growth in multiple markets, different revenue streams, and healthy margins were obvious from reading the financial statements. Honey Science Corporation. ET Judging by its largest acquisition ever, PayPal believes it can capture. And lastly, to do that, they built a great team. 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. Well have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.. This week PayPal announced that it paid $4 billion for Honey Science, a startup that was launched in 2012. 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 currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. Forward-Looking Statements 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. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Sign up to receive the latest news to your email. Analytical cookies are used to understand how visitors interact with the website. PayPal closes $4bn Honey acquisition. 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. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. All Rights Reserved.
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