Personal. In addition, an archive of the webcast will be accessible for 90 days through the same link. If frictionless payments become commoditized, essentially available from nearly every merchant and financial platform, then a large part of PayPal's value proposition to consumers and merchants simply disappears. 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 offers stickiness, frictionless design, and persistent valueinformed by precise persona and journey-mapping. This transaction will . 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. 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. 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. Honey also has the advantage of a treasure trove of data. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. The most common answer is to telephone PayPal support. This website uses cookies to improve your experience while you navigate through the website. 1. 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. PayPal paid $4 billion for the start-up, which has worked with Amazon since it was founded in 2012. The Honey browser extension helps save you money at or get Honey Gold (cash back in gift card form) from 40,000+ online retailers. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. PayPal acquired Honey Science Corporation for $4 billion, its largest acquisition in company history. Tom (@ttaulli) is the author of the book,Artificial Intelligence Basics: A Non-Technical Introduction. "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. 06 January 2020. 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.". After submitting your request, you will receive an activation email to the requested email address. Visit www.joinhoney.com to shop smarter. Merchants don't mind paying this fee, because Honey can demonstrate that its platform increases sales conversion rates. By providing your email address below, you are providing consent to PayPal to send you the requested Investor Email Alert updates. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. Create an account to follow your favorite communities and start taking part in conversations. Honey paves the way for PayPal to offer more value to its account holders and differentiate itself from competitors. For more information, visit 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. Honey currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery. 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. 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. LinkedIn sets this cookie to store performed actions on the website. 646.667.5065, Amanda Coffee On average, Honey's users save $126 per year due to its platform, or about 17.9% per purchase. "PayPal shares that vision and together we can build powerful commerce capabilities that create real value for both consumers and retailers around the world. Image source: PayPal Holdings. The move puzzled many observers, as it is not . 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. They can select the products they want on Amazon, Macy's, Target, Walmart, J. The acquisition will cost PayPal $4 billion, and it is said that Honey will. We want to hear from you. Analysts are calling for gains of more than 10 percent for a wide range of companies, from Apple to PayPal. . Deliver digital experiences that drives competitive advantage. Honey was profitable on a net income basis in 2018. About PayPalPayPal has remained at the forefront of the digital payment revolution for more than 20 years. 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. 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. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. "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. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. Get this delivered to your inbox, and more info about our products and services. 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. 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 The pardot cookie is set while the visitor is logged in as a Pardot user. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The acquisition supports PayPal and Honeys shared mission to simplify and personalize shopping experiences for consumers while driving conversion and increasing consumer engagement and sales for merchants. 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. Intermediaries for a Win-Win transaction PayPal cannot earn the transactional fee if the buyer does not complete a purchase. 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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Matthew Cochrane owns shares of PayPal Holdings and Square. HSR Annual Reports; HSR Resources; Early Termination Updates on Twitter; Early Termination Updates by email; Premerger Notification Office Blog Posts; Premerger/HSR Press Releases; PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed its acquisition of Honey Science . In addition, an archive of the webcast will be accessible for 90 days through the same link. In fact, Honey scaled extremely fast and we only changed systems after the companys revenues exceeded $100MM. Hello, I recently found out that PayPal bought the Honey Science Corporation. Read more. Gabrielle Rabinovitch Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. 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. To learn more and join Honey, visit www.joinhoney.com/paypal. 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. Earn the transactional fee if the buyer does not complete a purchase has remained the! Basis in 2018 account holders and differentiate itself from competitors new or old player interface start-up honey science corporation paypal charge which worked... Billion for the start-up, which has worked with Amazon since it was founded in 2012 fashion. 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