Honeys vision has always been to give consumers the tools they need to make the best decisions with their money, said Ruan. Great for questions about PayPal, transactions and problems! 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. Their Rewards program, HoneyGold, allows users to earn cash back when they are shopping online in various stores. 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. 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. 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. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. Granted. 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. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. 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. Opinions expressed by Forbes Contributors are their own. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. 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.". Investor Relations Contacts Isn't honey supposed to be free? jcriscoe@paypal.com I am a bot, and this action was performed automatically. "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. Amazon also has a competing discount plug-in. "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. While shares dropped a few percentage points in the days following the announcement as investors questioned the acquisition, here are four possible reasons PayPal management believes this deal is worth the high price tag. 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's plug-in has been compatible with Amazon since it hit the market roughly seven years ago. 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. PayPal was once a part of Amazon competitor eBay, and Amazon does not accept PayPal as an option in check-out. 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 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. 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. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. 1. PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Honey also collects data from its users that might prove to be valuable to PayPal. This week PayPal announced that it paid $4 billion for Honey Science, a startup that was launched in 2012. 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. The forward-looking statements contained in this announcement speak only as of the date hereof. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. Amid ad delivery issues, market saturation, etc., cost per user acquisition tends to fluctuate on the independent channel level. 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. 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. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its . This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. The extension essentially travels with shoppers as they browse different shopping sites. Gabrielle Rabinovitch Diversity, Inclusion, Equity and Belonging. The pardot cookie is set while the visitor is logged in as a Pardot user. About PayPal 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. 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. Analytical cookies are used to understand how visitors interact with the website. But opting out of some of these cookies may affect your browsing experience. PayPal.com 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 PayPals ability to help merchants acquire and convert consumers by delivering offers that are personalized, timely, and optimized across channels. 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 . The Motley Fool has a disclosure policy. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. 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. Acquired Entities. 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. What were the success factors? A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. 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. Founded. First of all, it should be noted that as privacy and security processes go in today's digital age, Honey's policies appear to be better than most. Image source: PayPal Holdings. The Motley Fool owns shares of and recommends Apple, PayPal Holdings, and Square. Honey adopts a future-forward model of automation and analytics. which answers most questions. Whats Best For Entrepreneurs: Optimism, Pessimism, Or Realism? PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. 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. No one here can fix that or offer solutions. To make the world smarter, happier, and richer. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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.. 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. Buy Now, Pay Later; Deals and Cash Back; . 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.". Please contact the moderators of this subreddit if you have any questions or concerns. So how did Honey create such a strong platform? 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. PayPal.com 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. 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. 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