This latest deal seems to fit well within PayPal's growing payments platform. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. 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. Josh Criscoe What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. 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. 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's plug-in has been compatible with Amazon since it hit the market roughly seven years ago. The most common answer is to telephone PayPal support. 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. 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 offers stickiness, frictionless design, and persistent valueinformed by precise persona and journey-mapping. 3. The extension essentially travels with shoppers as they browse different shopping sites. No idea, charge it back as unauthorized and see what happens. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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. A live webcast of the conference call, together with a slide presentation, can be accessed through the company's investor relations website at https://investor.paypal-corp.com. 408.221.1984. Get this delivered to your inbox, and more info about our products and services. "Honey's vision has always been to give consumers the tools they need to make the best decisions with their money," said Ruan. Forward-Looking Statements The Honey browser extension helps save you money at or get Honey Gold (cash back in gift card form) from 40,000+ online retailers. We'll assume you're ok with this, but you can opt-out if you wish. 2. Visit www.joinhoney.com to shop smarter. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. Honey Science Corporation. "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. The clear financial statements and CFO guidance really helped us in our early stage to maximize our revenue model and accelerate our growth.. Great for questions about PayPal, transactions and problems! PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Try contacting PayPal support using social media such as Facebook or Twitter as this works more often than telephoning. 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. "Honey is amongst the most transformative acquisitions in PayPal's history. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.". Due to limited demographic information, these models can be used for early engagement based on the lifetime value. These cookies are used to enable you to share pages and content that you find interesting on our websites through third party social networking and other websites. PayPal Honey Venmo PayPal Zettle. More unfamiliar is Honey's mobile app, which launched earlier this year. 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. 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. Whats Best For Entrepreneurs: Optimism, Pessimism, Or Realism? ", "Honey tracks your private shopping behavior, collects data like your order history and items saved, and can read or change any of your data on any website you visit," the message, which was posted on Twitter by multiple users, said. PayPal Holdings, Inc. Acquired Party. 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.. Press question mark to learn the rest of the keyboard shortcuts. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. 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. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. Amazon has a beef with the start-up PayPal recently acquired, Honey. Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. To learn more and join Honey, visit www.joinhoney.com/paypal. The forward-looking statements contained in this announcement speak only as of the date hereof. . usually within minutes, free-of-charge using PayPal's in-app cash-a-check feature. Visit. from 8 AM - 9 PM ET. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. You also have the option to opt-out of these cookies. A live webcast of the conference call, together with a slide presentation, can be accessed through the company's investor relations website at https://investor.paypal-corp.com. Sign up to receive the latest news to your email. Adam Weiss, who operates Weiss Digital Consulting: After creating something that solved a need for consumers, they built their relationships with brands and retailers through the affiliate channel, which gave them scale and efficiency. 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. 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. While it paid a high price for Honey Science, the potential created from the two entities' synergies is clear and feasible. 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. 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. 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. 06 January 2020. PayPal.com More Resources. 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. For more information, visit paypal.com. 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. Honey earns its commission from stores when customers use its platform to make a purchase. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. 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. They can select the products they want on Amazon, Macy's, Target, Walmart, J. (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? PayPal. Honey was founded in 2012 and headquartered in Los Angeles. 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 After looking over the online competitive landscape, "We think that Honey actually has the leading platform and set of capabilities around that. 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. 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. [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. Merchants don't mind paying this fee, because Honey can demonstrate that its platform increases sales conversion rates. JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. "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.". Honey Science Corporation. 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. So how did Honey create such a strong platform? 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. 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. 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. Granting Status. 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. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. HSR Annual Reports; HSR Resources; Early Termination Updates on Twitter; Early Termination Updates by email; Premerger Notification Office Blog Posts; Premerger/HSR Press Releases; 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. Amid ad delivery issues, market saturation, etc., cost per user acquisition tends to fluctuate on the independent channel level. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. This would incentivize users to check their app more often, increasing user engagement on PayPal's platforms. 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 . 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. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. 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. 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. They can then weed out the less active users afterward. "To keep your data private and secure, uninstall this extension immediately.". This announcement contains "forward-looking" statements within the meaning of applicable securities laws. These cookies track visitors across websites and collect information to provide customized ads. 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. PayPal closes $4bn Honey acquisition. The company does not sell users' data and does not track search engine or browser history or email usage on sites that are not retail-related. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. To learn more and join Honey, visit www.joinhoney.com/paypal. 3 5 Related Topics PayPal Financial services Financial sector Business Business, Economics, and Finance 5 comments Best Add a Comment PayPal's management has proven to be adept at deal-making in the past. Gabrielle Rabinovitch About Honey PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. And lastly, to do that, they built a great team. 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. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. People Culture Diversity, Inclusion, Equity . This week PayPal announced that it paid $4 billion for Honey Science, a startup that was launched in 2012. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Price as of January 18, 2023, 11:22 a.m. Image source: PayPal Holdings. jcriscoe@paypal.com About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science . 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