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. (AP Photo/Jeff Chiu, File). Gabrielle Rabinovitch 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. grabinovitch@paypal.com, Media Relations Contact "PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. Crew, Overstock, or Saks Fifth Avenue, and receive instant notifications when there's a better price. PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. Josh Criscoe Coupons traditionally encourage customers to buy products that are the primary interest of the seller. These cookies may also be used for advertising purposes. ", "Combining PayPal's assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants," said Hudson. 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. LinkedIn sets this cookie to remember a user's language setting. ", "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. 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." About PayPal The move puzzled many observers, as it is not . 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.". JoinHoney.com. Analysts are calling for gains of more than 10 percent for a wide range of companies, from Apple to PayPal. 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. PayPal and Amazon haven't historically worked closely together. Honey also collects data from its users that might prove to be valuable to PayPal. 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. In fact, Honey scaled extremely fast and we only changed systems after the companys revenues exceeded $100MM. 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. This latest deal seems to fit well within PayPal's growing payments platform. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. During the height of the holiday shopping season, the e-commerce giant warned some users that the browser extension could be a "security issue. 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. Investor Relations Contacts 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 . 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. More information about these and other factors that could adversely affect PayPals 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. 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. About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. Amid ad delivery issues, market saturation, etc., cost per user acquisition tends to fluctuate on the independent channel level. Thank you for your interest in SpringML. 04/12/2019. 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 week PayPal announced that it paid $4 billion for Honey Science, a startup that was launched in 2012. This category only includes cookies that ensures basic functionalities and security features of the website. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. The forward-looking statements contained in this announcement speak only as of the date hereof. PayPal's management has proven to be adept at deal-making in the past. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. The Los Angeles based company was incorporated in 2012. The pardot cookie is set while the visitor is logged in as a Pardot user. I recently got charge a $17 charge I was wondering if anyone knew why and if it'll be reoccurring. Sign up to receive the latest news to your email. Similarly, PayPal applies a fix-fee and percentage-fee paid by the vendor for each financial transaction facilitated. We want to hear from you. About Honey They wanted to leverage Machine Learning to intelligently comb through their millions of users and then identify high-value ones. Read more. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The forward-looking statements contained in this announcement speak only as of the date hereof. And lastly, to do that, they built a great team. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. 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. Learn More. Punch worked with Honey for over 2 years until we helped transition them to their own in-house team and were being audited by Ernst & Young. I am a bot, and this action was performed automatically. Got a confidential news tip? Honey also has the advantage of a treasure trove of data. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. Analytical cookies are used to understand how visitors interact with the website. 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. 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. Yet more players continue to crowd the space, most notably from Apple Pay, Square's Cash App, and Zelle. Venmo.com Honey paves the way for PayPal to offer more value to its account holders and differentiate itself from competitors. 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. Matthew Cochrane owns shares of PayPal Holdings and Square. 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. Understanding Customers using Machine Learning. 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. Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Isn't honey supposed to be free? 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. "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. Josh Criscoe LinkedIn sets this cookie for LinkedIn Ads ID syncing. Contacts Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. InvestorRelations@PayPal.com. Please note that with the current CoVid-19 crisis that support is very limited at PayPal. 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. 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. When Punch started working with Honey, we immediately implemented financial operations that could scale with them. This convenience with Honey's price-tracking and discount-finding capabilities already formed a potent combination for shoppers. 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 adopts a future-forward model of automation and analytics. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. 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. PayPal Holdings, Inc. Acquired Party. 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 is amongst the most transformative acquisitions in PayPals history. However at this time such a call may be frutile, though you can keep trying. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This will allow Honey to spend its marketing dollars efficiently and run specific marketing campaigns to keep and grow these users. Gabrielle Rabinovitch Punch helped Honey find their Series A investors that fueled their growth and assisted at every step of the way. The Honey browser extension helps save you money at or get Honey Gold (cash back in gift card form) from 40,000+ online retailers. 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 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. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. But opting out of some of these cookies may affect your browsing experience. Well have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.. Get this delivered to your inbox, and more info about our products and services. People Culture Diversity, Inclusion, Equity . What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. 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. 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. By January 2018, Honey raised a total of $40.8 million in venture backing. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. In addition, an archive of the webcast will be accessible for 90 days through the same link. 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. On the conference call, management noted that Honey's users were "predominantly" U.S. based, 70% were millennials, and 79% were females. 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. These demographics overlap not only with Venmo but also with PayPal's core platform. "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 offers stickiness, frictionless design, and persistent valueinformed by precise persona and journey-mapping. from 8 AM - 9 PM ET. 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. 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. 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? After all, SaaS companies need extremely healthy gross margins to flourish. Create an account to follow your favorite communities and start taking part in conversations. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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. 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. Necessary cookies are absolutely essential for the website to function properly. PayPal.com The Los Angeles-based start-up was founded in 2012, and lets users find coupons while shopping online. What were the success factors? Sign up to receive the latest news to your email. 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. Visit www.joinhoney.com to shop smarter. "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. If PayPal is successful in cross-promoting Honey to its huge network of consumer accounts, Honey can help PayPal fend off competition, increase user engagement, and make Honey's mobile shopping assistant the next big thing in mobile commerce. Founded. Down 63.5% in This Bear Market, Can PayPal Recover in 2023? The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. Honey's customer base also matches up nicely with Venmo users. 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. 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. 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They can then weed out the less active users afterward. 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. Due to limited demographic information, these models can be used for early engagement based on the lifetime value. The acquisition makes a lot of sense for PayPal given the competitive landscape, said Richie Serna, who is the CEO of Finix. The extension essentially travels with shoppers as they browse different shopping sites. Diversity, Inclusion, Equity and Belonging. Venmo.com 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. These cookies do not store any personal information. Honey Science Corporation. 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. 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. Honey earns its commission from stores when customers use its platform to make a purchase. Using cookies, pixel tags, web beacons, and other markers, Honey engages shoppers by tailoring its deals to each person's own unique preferences. I recently got charge a $17 charge I was wondering if anyone knew why and if it'll be reoccurring. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.. It also has a competing discount plug-in. 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