JoinHoney.com. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its . (excluding tax or any additional fees, such as shipping), in order to determine the amount of Gold points you may earn for that order. 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.". 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. Tom (@ttaulli) is the author of the book,Artificial Intelligence Basics: A Non-Technical Introduction. I recently got charge a $17 charge I was wondering if anyone knew why and if it'll be reoccurring. 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.. This appears to be Amazon's first public scrutiny of the start-up for security concerns. "We'll have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.". 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. You can sign up for additional alert options at any time. You also have the option to opt-out of these cookies. PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. In fact, Honey scaled extremely fast and we only changed systems after the companys revenues exceeded $100MM. "To keep your data private and secure, uninstall this extension immediately.". LinkedIn sets this cookie to store performed actions on the website. InvestorRelations@PayPal.com. 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. 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. 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. [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. Please note that with the current CoVid-19 crisis that support is very limited at PayPal. Investor Relations Contacts 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. Shop and Buy. Ever.". ET Judging by its largest acquisition ever, PayPal believes it can capture. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. Get this delivered to your inbox, and more info about our products and services. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. This website uses cookies to improve your experience. ContactsInvestor Relations ContactsGabrielle Rabinovitch[emailprotected], Media Relations ContactJosh Criscoe[emailprotected]646.667.5065, Cision Distribution 888-776-0942 This website uses cookies to improve your experience while you navigate through the website. More Resources. which answers most questions. 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. Opinions expressed by Forbes Contributors are their own. Honey's plug-in has been compatible with Amazon since it hit the market roughly seven years ago. 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. Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. On the conference call, management noted that Honey's users were "predominantly" U.S. based, 70% were millennials, and 79% were females. Sign up to receive the latest news to your email. 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. 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. This shopping data, even anonymized, could provide valuable insights into consumer behavior and would seemingly fit nicely with Jetlore, an AI-powered platform that takes customer data points, analyzes them, and gives merchants actionable steps to capture more sales. In addition, an archive of the webcast will be accessible for 90 days through the same link. These cookies will be stored in your browser only with your consent. 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. About PayPal PayPal has remained at the forefront of the digital payment revolution for more than 20 years. While it paid a high price for Honey Science, the potential created from the two entities' synergies is clear and feasible. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. And lastly, to do that, they built a great team. 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. 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 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. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. 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. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. 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. "PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world. They can select the products they want on Amazon, Macy's, Target, Walmart, J. Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. ", "We only use data in ways that directly benefit Honey members helping people save money and time and in ways they would expect. PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. Visit. 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. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. Sign up to receive the latest news to your email. 408.221.1984. The extension essentially travels with shoppers as they browse different shopping sites. In fact, Honey repeatedly said that they werent actively looking for accounting help, but deep down the founder knew they probably needed it. At PayPal, we promise to treat your data with respect and will not share your information with any third-party. grabinovitch@paypal.com, Media Relations Contact Honey earns its commission from stores when customers use its platform to make a purchase. 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 marketing channel owners will now be reviewing 30, 60, 90-day feature engagement for new acquisition on a monthly cadence to inform buying strategy. SAN JOSE, Calif.- November 20, 2019 - 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, in combination with PayPal's two-sided network, will transform the shopping experience for PayPal's consumers while increasing sales and . What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. 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. 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. Contacts Customers automatically find and apply coupon codes when they visit any one of over 30,000 retail websites. 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. A Division of NBCUniversal. 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 company sports 17 million monthly active users and works across 30,000 participating merchants' websites. However at this time such a call may be frutile, though you can keep trying. Analytical cookies are used to understand how visitors interact with the website. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. Source: PayPal. As consumers shop online, Honey scours promo codes and better deals elsewhere for the same products, ensuring its users always find the best prices. 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. Honey also collects data from its users that might prove to be valuable to PayPal. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. 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 . Contacts Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. This latest deal seems to fit well within PayPal's growing payments platform. 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. Honey was profitable on a net income basis in 2018. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More. 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.". This will allow Honey to spend its marketing dollars efficiently and run specific marketing campaigns to keep and grow these users. To make the world smarter, happier, and richer. Thank you for your interest in SpringML. 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. I am a bot, and this action was performed automatically. 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 Punch was the missing piece of our puzzle. Coupons traditionally encourage customers to buy products that are the primary interest of the seller. 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. Honey will accelerate its growth by driving adoption among PayPal and Venmo's more than 275 million active consumer accounts and sourcing exclusive offers from PayPal's extensive network of 24 million merchant accounts. Price as of January 18, 2023, 11:22 a.m. 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. 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. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. 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