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. This announcement contains "forward-looking" statements within the meaning of applicable securities laws. [7] [8] [9] Nearly immediately after PayPal acquired Honey, Amazon claimed to its users that the extension was a security risk that sold personal information. PayPal paid $4 billion for Honey in December the largest acquisition in the payment company's history. About HoneyHoney Science Corporation is an L.A.-based tech company building tools to help people save time and money when shopping online. People Culture Diversity, Inclusion, Equity . The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. 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. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. To learn more and join Honey, visit www.joinhoney.com/paypal. 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. Honey, in combination with PayPal's two-sided network, will transform the shopping experience . Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser. Image source: PayPal Holdings. 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.. 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 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. 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. Forward-Looking Statements PayPal Holdings, Inc. announced that it has agreed to acquire Honey Science Corporation, a rapidly-growing technology platform for shopping and rewards, for approximately $4 billion. 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. 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. When Punch started working with Honey, we immediately implemented financial operations that could scale with them. 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. (excluding tax or any additional fees, such as shipping), in order to determine the amount of Gold points you may earn for that order. The company develops toolsincluding a Chrome browser add-onthat make it easier for consumers to use digital coupons. So how did Honey create such a strong platform? To succeed, companies have to create a similarly customer-centric strategy and leverage robust data and marketing automation platforms to better serve their audience and build the kind of brand loyalty Honey currently enjoys. 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 tracks your private shopping behavior, collects data like your order history and items saved, and can read or change any of your data on any website you visit," the message, which was posted on Twitter by multiple users, said. 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. jcriscoe@paypal.com You also have the option to opt-out of these cookies. Honey will accelerate its growth by driving adoption among PayPal and Venmos more than 275 million active consumer accounts and sourcing exclusive offers from PayPals extensive network of 24 million merchant accounts. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. 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 Science Corporation. 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. 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. Materiality Assessment & Stakeholder Engagement, http://www.prnewswire.com/news-releases/paypal-completes-acquisition-of-honey-300981363.html. Making the world smarter, happier, and richer. 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. Forward-Looking StatementsThis announcement contains "forward-looking" statements within the meaning of applicable securities laws. In fact, Honey repeatedly said that they werent actively looking for accounting help, but deep down the founder knew they probably needed it. Got a confidential news tip? "Honey's vision has always been to give consumers the tools they need to make the best decisions with their money," said Ruan. Honey also has the advantage of a treasure trove of data. 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. 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. For more information, visit paypal.com. Before checking out, Honey checks the retailer for any coupons or promo codes and applies them to the sale. 646.667.5065, Amanda Coffee "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. Amazon has a beef with the start-up PayPal recently acquired, Honey. "We'll have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.". "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. 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. Through their affiliate partnerships, they did a good job of showing the value proposition of their tool, how it drove customer value, and how it was able to meet the KPIs that their partners were looking for. PayPal for You. We want to hear from you. Visit www.joinhoney.comto shop smarter. 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. Forward-Looking Statements Necessary cookies are absolutely essential for the website to function properly. 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. Intermediaries for a Win-Win transaction PayPal cannot earn the transactional fee if the buyer does not complete a purchase. 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. ContactsInvestor Relations ContactsGabrielle Rabinovitch[emailprotected], Media Relations ContactJosh Criscoe[emailprotected]646.667.5065, Cision Distribution 888-776-0942 They can select the products they want on Amazon, Macy's, Target, Walmart, J. Well have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. Visit. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its . Honey is amongst the most transformative acquisitions in PayPals history. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Honey would like to identify and acquire new high-value users. 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Drives increased sales and conversion for PayPal's merchants 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. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. Following the acquisition, Honey will retain its headquarters and brand in Los Angeles, California. From the onset, Punch helped Honey to create financial statements that helped tell their story. Growth in multiple markets, different revenue streams, and healthy margins were obvious from reading the financial statements. Learn More. Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. To build this platform, the company raised a relatively small amount of venture capital:$49 million. The pardot cookie is set while the visitor is logged in as a Pardot user. 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. Technology companies will be under scrutiny because thats where expectations for revenue growth are close to the highest. Customers automatically find and apply coupon codes when they visit any one of over 30,000 retail websites. About Honey 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.". 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.
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