The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.". The forward-looking statements contained in this announcement speak only as of the date hereof. The company sports 17 million monthly active users and works across 30,000 participating merchants' websites. I recently got charge a $17 charge I was wondering if anyone knew why and if it'll be reoccurring. Honey was profitable on a net income basis in 2018. 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. Webcast and Conference Call Information Honey Science Corporation Hello, I recently found out that PayPal bought the Honey Science Corporation. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. 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. Using cookies, pixel tags, web beacons, and other markers, Honey engages shoppers by tailoring its deals to each person's own unique preferences. The move puzzled many observers, as it is not . 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. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Josh Criscoe Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. Eight Lessons To Take With You Through 2023. 3. 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. Source: PayPal. These cookies do not store any personal information. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. Despite the initial onboarding friction of installing a browser plug-in, Honey fulfills its promise of decreasing the time and energy needed to find online deals. 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. "Honey is amongst the most transformative acquisitions in PayPal's history. Create an account to follow your favorite communities and start taking part in conversations. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. Cost basis and return based on previous market day close. To learn more and join Honey, visit www.joinhoney.com/paypal. 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. PayPal closes $4bn Honey acquisition. 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. 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. Visit www.joinhoney.com to shop smarter. The extension essentially travels with shoppers as they browse different shopping sites. To learn more and join Honey, visit www.joinhoney.com/paypal. My exposure was always to the partnership side of their business and having those professionals who were able to build relationships and work with brands and retailers is what made them successful, helped grow their business and will continue to drive the product forward., Honey is proving the next generation of customer loyalty, building a deep and long-term consumer relationship. The Los Angeles-based start-up was founded in 2012, and lets users find coupons while shopping online. 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 makes a commission off each sale and has ushered in 17 million users. 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 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. This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. "We'll have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.". If you have not done so, Read our FAQ! Honey is amongst the most transformative acquisitions in PayPals history. Due to limited demographic information, these models can be used for early engagement based on the lifetime value. *Average returns of all recommendations since inception. Read more. 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. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. PayPal.com PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. You also have the option to opt-out of these cookies. Deliver digital experiences that drives competitive advantage. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. This transaction 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. 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. The clear financial statements and CFO guidance really helped us in our early stage to maximize our revenue model and accelerate our growth.. Calif. Analysts expect companies in the S&P 500 to report a jump in earnings for the first three months of the year. Hello, I recently found out that PayPal bought the Honey Science Corporation. PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science . After all, SaaS companies need extremely healthy gross margins to flourish. Honey can use the customer segmentation model to identify which users land at a late stage more often than others and focus their attention on them. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. In November, PayPal Holdings ( PYPL -0.38%) announced the $4 billion acquisition of Honey Science, an e-commerce tool that helps shoppers find deals. inkedIn sets the lidc cookie to facilitate data center selection. 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. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.. 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. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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. 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. Price as of January 18, 2023, 11:22 a.m. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. 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 . 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. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. Customers automatically find and apply coupon codes when they visit any one of over 30,000 retail websites. However at this time such a call may be frutile, though you can keep trying. Please contact the moderators of this subreddit if you have any questions or concerns. 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 cookie indicates an active session and is not used for tracking. Honey earns its commission from stores when customers use its platform to make a purchase. The combination will help accelerate growth across both companies. Shop and Buy. Image source: PayPal Holdings. Honey was founded in 2012 and headquartered in Los Angeles. ", "We only use data in ways that directly benefit Honey members helping people save money and time and in ways they would expect. 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. 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. 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 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. Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting. 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. Honey Science Corporation. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. For more information, visit paypal.com. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. 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. On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. 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.. Similarly, PayPal applies a fix-fee and percentage-fee paid by the vendor for each financial transaction facilitated. . Venmo.com PayPal has completed a $4 billion deal its largest to date to acquire the shopping rewards platform Honey Science Corporation, PayPal announced Monday (Jan. 6). Venmo.com 1. The forward-looking statements contained in this announcement speak only as of the date hereof. PayPal Holdings, Inc. Acquired Party. Honey adopts a future-forward model of automation and analytics. "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.". ContactsInvestor Relations ContactsGabrielle Rabinovitch[emailprotected], Media Relations ContactJosh Criscoe[emailprotected]646.667.5065, Cision Distribution 888-776-0942 Sign up for free newsletters and get more CNBC delivered to your inbox. 646.667.5065, Amanda Coffee 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. Get this delivered to your inbox, and more info about our products and services. LinkedIn sets this cookie for LinkedIn Ads ID syncing. PayPal.com These cookies may also be used for advertising purposes. 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 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. jcriscoe@paypal.com 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." Granted. 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.". JoinHoney.com, Advances PayPal's leadership in digital commerce, Enhances PayPal's value proposition with an extensive set of consumer commerce capabilities, Drives increased sales and conversion for PayPal's merchants, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. We'll assume you're ok with this, but you can opt-out if you wish. Understanding which users are likely to generate more LTV would enable Honey to better target customers with advertising as well as determine how to optimally allocate marketing spend to different user LTV tiers. 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Analytical cookies are used to understand how visitors interact with the website. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. Honey would like to identify and acquire new high-value users. 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. The acquisition is expected to be accretive to PayPal's non-GAAP earnings per share in 2021. Down 63.5% in This Bear Market, Can PayPal Recover in 2023? If you experience any issues with this process, please contact us for further assistance. The forward-looking statements contained in this announcement speak only as of the date hereof. JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. And lastly, to do that, they built a great team. Understanding Customers using Machine Learning. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. ET Judging by its largest acquisition ever, PayPal believes it can capture. 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. You must click the activation link in order to complete your subscription. During the height of the holiday shopping season, the e-commerce giant warned some users that the browser extension could be a "security issue. Honey's hyper-personalization approach puts the buyer first in terms of selecting the products they want and finding the lowest possible price. They wanted to leverage Machine Learning to intelligently comb through their millions of users and then identify high-value ones. 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. Diversity, Inclusion, Equity and Belonging. 06 January 2020. This website uses cookies to improve your experience while you navigate through the website. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. We want to hear from you. The acquisition is expected to be accretive to PayPals non-GAAP earnings per share in 2021. InvestorRelations@PayPal.com. Honey's plug-in has been compatible with Amazon since it hit the market roughly seven years ago. Honey, in combination with PayPal's two-sided network, will transform the shopping experience . Personal. Necessary cookies are absolutely essential for the website to function properly. Bots perform the massive computational tasks that are requiredand present the subsequent actions or data to humans for more subjective decision-making.. The company develops toolsincluding a Chrome browser add-onthat make it easier for. By January 2018, Honey raised a total of $40.8 million in venture backing. 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.

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