What were the success factors? JoinHoney.com, (Newsroom Ad tile) Small Business Spotlight, Diversity, Inclusion, Equity and Belonging. 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. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. Honey was founded in 2012 and headquartered in Los Angeles. 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. And the most fastidious buyers have been conditioned to look for Honey's Best Deal indicator before making their purchases. Venmo.com Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020. 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. 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. "Honey is amongst the most transformative acquisitions in PayPal's history. Venmo.com Honey Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. In fact, Honey repeatedly said that they werent actively looking for accounting help, but deep down the founder knew they probably needed it. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. Honey's hyper-personalization approach puts the buyer first in terms of selecting the products they want and finding the lowest possible price. Thank you for your interest in SpringML. 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. But opting out of some of these cookies may affect your browsing experience. Whats Best For Entrepreneurs: Optimism, Pessimism, Or Realism? This transaction will . Merchants don't mind paying this fee, because Honey can demonstrate that its platform increases sales conversion rates. ", "We only use data in ways that directly benefit Honey members helping people save money and time and in ways they would expect. 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. 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. Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020. The Los Angeles-based start-up was founded in 2012, and lets users find coupons while. Visit www.joinhoney.comto shop smarter. 2. Due to limited demographic information, these models can be used for early engagement based on the lifetime value. We want to hear from you. Source: PayPal. 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.. The company sports 17 million monthly active users and works across 30,000 participating merchants' websites. The company has announced it will acquire Honey Science Corporation, a shopping discount and rewards platform. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. Josh Criscoe 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. 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. 04/12/2019. The most common answer is to telephone PayPal support. The forward-looking statements contained in this announcement speak only as of the date hereof. 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. 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 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. With approximately 17 million monthly active users, Honey has helped millions of people find more than $1 billion in savings in the past year. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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. Got a confidential news tip? This latest deal seems to fit well within PayPal's growing payments platform. "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. Using cookies, pixel tags, web beacons, and other markers, Honey engages shoppers by tailoring its deals to each person's own unique preferences. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data. 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." "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. 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. jcriscoe@paypal.com PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) today. Founded. The company develops toolsincluding a Chrome browser add-onthat make it easier for. 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. About PayPal 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 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. 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. 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. The Los Angeles based company was incorporated in 2012. Read more. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. On the conference call, management noted that Honey's users were "predominantly" U.S. based, 70% were millennials, and 79% were females. We'll assume you're ok with this, but you can opt-out if you wish. Gabrielle Rabinovitch On November 20th, the news of PayPal's significant purchase of Honey, the internet's fastest growing consumer loyalty platform, sent shockwaves throughout the affiliate community. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. PayPal Honey Venmo PayPal Zettle. grabinovitch@paypal.com, Media Relations Contact . "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.". You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. "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. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. By January 2018, Honey raised a total of $40.8 million in venture backing. 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. "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.". During the height of the holiday shopping season, the e-commerce giant warned some users that the browser extension could be a "security issue. ET Judging by its largest acquisition ever, PayPal believes it can capture. For more information, visit paypal.com. 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. 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 acquisition is expected to be accretive to PayPal's non-GAAP earnings per share in 2021. We also use third-party cookies that help us analyze and understand how you use this website. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. This website uses cookies to improve your experience while you navigate through the website. 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 8 AM - 9 PM ET. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. The pardot cookie is set while the visitor is logged in as a Pardot user. 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. This can then be expanded to other stages with similar patterns of usage. Invest better with The Motley Fool. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. Schulman states that almost 40% of all e-commerce transactions are triggered by an outside event, such as a personalized offer or limited-time deal. 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. The acquisition is expected to be accretive to PayPals non-GAAP earnings per share in 2021. Punch was the missing piece of our puzzle. The combination will help accelerate growth across both companies. What started as a browser extension has grown into a suite of free tools that help everyone shop with confidence. To learn more and join Honey, visit www.joinhoney.com/paypal. PayPal Holdings (PYPL -2.05%) recently announced its largest acquisition ever, that of Honey Science Corporation, to the tune of $4 billion. 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 also collects data from its users that might prove to be valuable to PayPal. These cookies do not store any personal information. 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. 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Diversity, Inclusion, Equity and Belonging. Acquired Entities. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.. Since it was founded in 2012, Honey has found its members more than $1 billion in savings and given back $8 million through its loyalty program. PayPal Holdings, Inc. Acquired Party. SpringML implemented two use cases a model that predicts the number of visits a user will make to the Honey website, as a proxy for customer lifetime value; and a model that segments users by the amount of times they complete code trials (stage 7 in Honeys sales funnel) to better understand differences in Honeys customer base. 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 This would incentivize users to check their app more often, increasing user engagement on PayPal's platforms. 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. To build this platform, the company raised a relatively small amount of venture capital:$49 million. To learn more and join Honey, visit www.joinhoney.com/paypal. PayPal.com 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. While it paid a high price for Honey Science, the potential created from the two entities' synergies is clear and feasible. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. People Culture Diversity, Inclusion, Equity . 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. 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. About PayPal PayPal for You. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. 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. About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. 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. 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. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. 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.
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