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PayPal Holdings (PYPL -2.05%) recently announced its largest acquisition ever, that of Honey Science Corporation, to the tune of $4 billion. 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. This is a BETA experience. Calif. Analysts expect companies in the S&P 500 to report a jump in earnings for the first three months of the year. 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. Punch worked hard with the founders and management team to truly understand their cost of goods sold and how to improve their gross margins. 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. 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. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. They can select the products they want on Amazon, Macy's, Target, Walmart, J. 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.". Honey was profitable on a net income basis in 2018. 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. 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. PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. 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 . 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. And the most fastidious buyers have been conditioned to look for Honey's Best Deal indicator before making their purchases. Founded. 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. These cookies track visitors across websites and collect information to provide customized ads. We'll assume you're ok with this, but you can opt-out if you wish. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.". About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. 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. Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020. Hello, I recently found out that PayPal bought the Honey Science Corporation. This can then be expanded to other stages with similar patterns of usage. I am a bot, and this action was performed automatically. While it paid a high price for Honey Science, the potential created from the two entities' synergies is clear and feasible. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. 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 Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. Personal. 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.. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. 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. 2023 CNBC LLC. No idea, charge it back as unauthorized and see what happens. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. The forward-looking statements contained in this announcement speak only as of the date hereof. 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. The Los Angeles based company was incorporated in 2012. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. For more information, visit, Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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. Cost basis and return based on previous market day close. Honey is amongst the most transformative acquisitions in PayPals history. The company develops toolsincluding a Chrome browser add-onthat make it easier for. Honey was founded in 2012 and headquartered in Los Angeles. My PayPal Got Permanently Limited (Sweats and money down "Your account has been limited permanently", Is this a scam email with service@paypal.com as the sender, HELP: Buyer didnt send item back after dispute, Can't buy anything or even transfer money, Press J to jump to the feed. 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. On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. On the conference call, management noted that Honey's users were "predominantly" U.S. based, 70% were millennials, and 79% were females. 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. 646.667.5065, Amanda Coffee 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 clear financial statements and CFO guidance really helped us in our early stage to maximize our revenue model and accelerate our growth.. PayPal said it expected Honey to be accretive to its non-GAAP earnings by 2021, and while it's hard to project Honey's 2019 revenue total from this information, it's safe to say that PayPal paid a steep premium to acquire the company. Visit www.joinhoney.comto shop smarter. Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. Sign up to receive the latest news to your email. If you have not done so, Read our FAQ! Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. Isn't honey supposed to be free? 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