"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. To learn more and join Honey, visit www.joinhoney.com/paypal. Down 63.5% in This Bear Market, Can PayPal Recover in 2023? 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. Venmo.com Reddit and its partners use cookies and similar technologies to provide you with a better experience. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. 3. More unfamiliar is Honey's mobile app, which launched earlier this year. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. 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. Contacts The extension essentially travels with shoppers as they browse different shopping sites. Press question mark to learn the rest of the keyboard shortcuts. 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. Intermediaries for a Win-Win transaction PayPal cannot earn the transactional fee if the buyer does not complete a purchase. Charged $36 by honey science corporation : paypal Vote Posted by 6 minutes ago Charged $36 by honey science corporation Help Does anyone know why they charged me? "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. The forward-looking statements contained in this announcement speak only as of the date hereof. 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. Crew, Overstock, or Saks Fifth Avenue, and receive instant notifications when there's a better price. This website uses cookies to improve your experience. ", "We only use data in ways that directly benefit Honey members helping people save money and time and in ways they would expect. Visit www.joinhoney.com to shop smarter. 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. 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. These cookies do not store any personal information. Sign up to receive the latest news to your email. PayPal.com 646.667.5065. Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. On the conference call, management noted that Honey's users were "predominantly" U.S. based, 70% were millennials, and 79% were females. The acquisition makes a lot of sense for PayPal given the competitive landscape, said Richie Serna, who is the CEO of Finix. Thank you for your interest in SpringML. The company develops toolsincluding a Chrome browser add-onthat make it easier for consumers to use digital coupons. This website uses cookies to improve your experience while you navigate through the website. 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. Venmo.com You must click the activation link in order to complete your subscription. JoinHoney.com. Before checking out, Honey checks the retailer for any coupons or promo codes and applies them to the sale. 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. grabinovitch@paypal.com, Media Relations Contact PayPal paid $4 billion for the start-up, which has worked with Amazon since it was founded in 2012. 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. In November, PayPal Holdings ( PYPL -0.38%) announced the $4 billion acquisition of Honey Science, an e-commerce tool that helps shoppers find deals. 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. PayPal Holdings, Inc. Acquired Party. We want to hear from you. About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. 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. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. Granting Status. HSR Annual Reports; HSR Resources; Early Termination Updates on Twitter; Early Termination Updates by email; Premerger Notification Office Blog Posts; Premerger/HSR Press Releases; Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. After submitting your request, you will receive an activation email to the requested email address. These cookies will be stored in your browser only with your consent. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. 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. The combination will help accelerate growth across both companies. Sign up to receive the latest news to your email. Gabrielle Rabinovitch Sign up to receive the latest news to your email. About Honey inkedIn sets the lidc cookie to facilitate data center selection. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. [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. 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. ", "Combining PayPal's assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants," said Hudson. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. 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. Webcast and Conference Call Information For more information, visit paypal.com. *Average returns of all recommendations since inception. 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 . "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.". Punch worked hard with the founders and management team to truly understand their cost of goods sold and how to improve their gross margins. "Honey is amongst the most transformative acquisitions in PayPal's history. A spokesperson for Honey said the extension "is not and has never been a security risk and is safe to use. 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. Making the world smarter, happier, and richer. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. They can select the products they want on Amazon, Macy's, Target, Walmart, J. 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. Investor Relations Contacts Ever.". 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. Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. And the most fastidious buyers have been conditioned to look for Honey's Best Deal indicator before making their purchases. (AP Photo/Jeff Chiu, File). This cookie is installed by Google Analytics. The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. PayPal. PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science . 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. Understanding Customers using Machine Learning. 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. Many payment companies are looking to move beyond the checkout by providing value-added services to consumers and merchants in order to avoid a race to the bottom.. No one here can fix that or offer solutions. What were the success factors? We'll assume you're ok with this, but you can opt-out if you wish. Whats Best For Entrepreneurs: Optimism, Pessimism, Or Realism? Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. 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. These cookies track visitors across websites and collect information to provide customized ads. 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. Get this delivered to your inbox, and more info about our products and services. jcriscoe@paypal.com This week PayPal announced that it paid $4 billion for Honey Science, a startup that was launched in 2012. They wanted to leverage Machine Learning to intelligently comb through their millions of users and then identify high-value ones. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. To learn more and join Honey, visit www.joinhoney.com/paypal. 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. 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.. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its . About HoneyHoney 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. "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. JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. 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. 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 merchants. All Rights Reserved. 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. Receive an activation email to the highest forward-looking statements contained in this announcement contains forward-looking! Of the digital payment revolution for more information, visit www.joinhoney.com/paypal it easier consumers! Of free tools that help everyone shop with confidence shop online Honey 's best Deal before! For more than 20 years cookie to facilitate data center selection least one Alert option advertisement cookies used! 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