They wanted to leverage Machine Learning to intelligently comb through their millions of users and then identify high-value ones. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. The company develops toolsincluding a Chrome browser add-onthat make it easier for consumers to use digital coupons. The company has announced it will acquire Honey Science Corporation, a shopping discount and rewards 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. Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. "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. Calif. Analysts expect companies in the S&P 500 to report a jump in earnings for the first three months of the year. Buy Now, Pay Later; Deals and Cash Back; . Honey is amongst the most transformative acquisitions in PayPals history. 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. Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020. As consumers shop online, Honey scours promo codes and better deals elsewhere for the same products, ensuring its users always find the best prices. Well have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.. inkedIn sets the lidc cookie to facilitate data center selection. 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 . Deliver digital experiences that drives competitive advantage. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.. 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. 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. 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. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. 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. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. For more information, visit paypal.com. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. 646.667.5065, Amanda Coffee Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. from 8 AM - 9 PM ET. Honey co-founders George Ruan and Ryan Hudson will continue to lead the Honey team as part of PayPals global consumer product and technology organization, reporting to Senior Vice President John Kunze. Honey also has the advantage of a treasure trove of data. Please contact the moderators of this subreddit if you have any questions or concerns. The Los Angeles-based start-up was founded in 2012, and lets users find coupons while shopping online. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. "To keep your data private and secure, uninstall this extension immediately.". Eight Lessons To Take With You Through 2023. 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. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.". 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. This website uses cookies to improve your experience while you navigate through the website. grabinovitch@paypal.com, Media Relations Contact *Average returns of all recommendations since inception. 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. It also has a competing discount plug-in. 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., 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. 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. 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. 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. Shop and Buy. To learn more and join Honey, visit www.joinhoney.com/paypal. PayPal Market Cap $79B Today's Change (-0.73%) -$0.51 Current Price $69.26 Price as of December 16, 2022, 4:00 p.m. JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. Contacts I charged that back just today so I'm still waiting but they gonna run me my money back. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. 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. 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. About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. On the conference call, management noted that Honey's users were "predominantly" U.S. based, 70% were millennials, and 79% were females. 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. And lastly, to do that, they built a great team. Honey earns its commission from stores when customers use its platform to make a purchase. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. All Rights Reserved. "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.". Analysts are calling for gains of more than 10 percent for a wide range of companies, from Apple to PayPal. 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. 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 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. However at this time such a call may be frutile, though you can keep trying. "PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world. 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. You also have the option to opt-out of these cookies. We'll assume you're ok with this, but you can opt-out if you wish. Honey co-founders Ryan Hudson and George Ruan. About Honey 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 extension essentially travels with shoppers as they browse different shopping sites. Visit. Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Since being spun off from eBay in 2015, PayPal has been striving to fill a niche by providing a platform-agnostic digital wallet, making online and mobile payments frictionless for its users. 3. No one here can fix that or offer solutions. Opinions expressed by Forbes Contributors are their own. Price as of January 18, 2023, 11:22 a.m. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. Visit www.joinhoney.com to shop smarter. Honey would like to identify and acquire new high-value users. 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. 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. To learn more and join Honey, visit www.joinhoney.com/paypal. 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. 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." jcriscoe@paypal.com 408.221.1984. 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's hyper-personalization approach puts the buyer first in terms of selecting the products they want and finding the lowest possible price. 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. Visit www.joinhoney.comto shop smarter. Gabrielle Rabinovitch 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 Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science . Sign up for free newsletters and get more CNBC delivered to your inbox. For more information, visit paypal.com. 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. In November, PayPal Holdings ( PYPL -0.38%) announced the $4 billion acquisition of Honey Science, an e-commerce tool that helps shoppers find deals. The forward-looking statements contained in this announcement speak only as of the date hereof. That adds a tremendous amount of relevance to consumers." 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. Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. People Culture Diversity, Inclusion, Equity . For more information, visit paypal.com. LinkedIn sets this cookie to remember a user's language setting. Honey's plug-in has been compatible with Amazon since it hit the market roughly seven years ago. This cookie is installed by Google Analytics. Merchants don't mind paying this fee, because Honey can demonstrate that its platform increases sales conversion rates. Matthew Cochrane owns shares of PayPal Holdings and Square. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. Honey was founded in 2012 and headquartered in Los Angeles. The Los Angeles-based start-up was founded in 2012, and lets users find coupons while. 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. 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