Amazon and PayPal both compete as online payment processors, and Honey’s core business model, charges merchants like Amazon the percentage of sales with online coupons that users find.
√ PayPal leadership in digital commerce
√ Increase PayPal value proposition with consumer trading capability aircraft
√ Drive increased sales and conversions for PayPal merchants
Grab a drink, let’s get the real gist!
SAN JOSE Calif – PayPal Holdings, Inc. announced that it has agreed to acquire Honey Science Corporation, a rapidly growing technology platform for shopping and gifts, worth approximately $ 4 billion. Honey, in combination with PayPal’s two-way network, will transform the shopping experience for PayPal consumers while increasing sales and customer engagement for merchants.
Founded in 2012, Honey is known for its popular discovery tools that help consumers find savings when they shop online. Honey continues to grow and evolve, developing products and services to include mobile shopping assistants, programs and gifts, and tools and price tags.
With about 17 million active users monthly, Honey has helped millions of people find savings of more than $ 1 billion in the past year. Honey can now be used by about 30,000 online retailers ranging from fashion and technology, to pizza travel and delivery.
The acquisition supports PayPal and Honey’s shared mission to simplify and create a shopping experience for consumers while driving conversions and increasing consumer engagement and sales for merchants.
The merger will help accelerate the growth of the company.
Honey will accelerate growth by driving between PayPal and Venmo over 275 million active consumer accounts and gaining exclusive deals from the PayPal’sextensive network of 24 million merchant accounts. Honey will enable PayPal to reach consumers from the get-go and will enhance PayPal’s ability for merchants to reach and convert consumers by delivering customized, timely, and optimized offers on the channel.
“Honey, as a result of the acquisition of the most transformative in history PayPal. This provides a portfolio of services that big Bromwich shopping experience of consumers, and at the same time, make it affordable and earn profits,” (Dan Schulman, president and CEO of PayPal)
“The combination of consumer products complement the honey with the platform we will add the ability to hot involvement and roles are more useful in the daily life of consumers. As a partner of choice for the traders, as another way to help them build the strength of customer relationship , providing personal deals, and additional sales, the combination of honey and PayPaladds is another important and useful measure of our two-sided platform. “
Following the acquisition, Honey will retain its headquarters in Los Angeles, California. George Ruanand co-founder Ryan Hudson will continue to lead the honeymoon as part of PayPal’s global consumer product and technology organization, reports to Senior Vice President John Kunze.
“The insights of honey always give users the tools they need to make the best decisions with money,” Ruan said. “PayPal shares that vision and together we can build strong trading capabilities that create real value for consumers and retailers around the world.”
“By integrating PayPal assets and leveraging technology, we can build a powerful new online shopping experience for consumers and merchants,” Hudson said. “We will have the ability to help millions of retailers efficiently reach consumers with deals that offer more value to Honey members.”
Honey has a net profit margin in 2018. With customary closing conditions, including regulatory approval, the transaction is expected to close in the first quarter of 2020. The acquisition will be credited to PayPal’s non-GAAP earnings per share by 2021.
Perella Weinberg Partners LP acted as sole financial advisor to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLBP is were the legal advisers involved with the transaction. Qatalyst Partners acted as financial advisor to Honey, while Latham & Watkins, LLP acted as legal counsel.
Webcast and Conference Call Information
PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacific Standard Time (PST) is now. The live broadcast of the conference, along with a slide presentation, can be accessed through the company’s investor relations website. In addition, the archives of the webcast are accessible 90 days through the same link.
PayPal has been at the forefront of the digital payments revolution for over 20 years. By leveraging technology to make financial and trade services easier, affordable, and safer, the PayPal platform empowers 300 million consumers and merchants in more than 200 markets to participate and grow in the global economy. For more information, visit paypal.com.
Honey Science Corporation as a building technology company based L. to help them save time and money when shopping online. What started as a browser extension has grown into one of the free tools that help all people can shopping with confidence. From telling the price point, to showing the lowest price, Honey provides the information you need to make the best decision. With about 17 million active users monthly, Honey has helped millions of people find savings of more than $ 1 billion in the past year. Visit to get smarter.
The announcement contains a statement of “expectation” under the law to comply with the law. Statements and forward-looking information relating to upcoming events and future performance and reflecting PayPal’s expectations of the impact of this transaction on the results and operations of PayPal and Honey operations, operations and management of Honey after acquisition, and closing time of acquisition .
Forward-looking statements can be defined by words such as “find”, “believe”, “plan”, “estimate”, “anticipate”, expect “,” project, “forecast”, or “intention”, and any statement of cause or effect ” may “,” will “,” should “,” may “, or” may “occur or be achieved and other similar expressions.
Forward-looking statements include risks and uncertainties that lead to real results depending on the statements made, and, as such, readers do not have to rely on the foregoing beliefs and information. Factors that may or may not contribute to the differences, including, but not limited to the timing and likelihood of any security and regulatory approval associated with the transaction, may not be imminent reactions to the transaction of Honey customers and business partners , competitors’ reactions to transactions, the retention of Honey employees, PayPal plans for Honey, economic and political conditions in the global marketplace of PayPal and Honey operations, development of PayPal and Honey businesses and the possibility of integration following transactions can be more difficult than expected.
Further information on these and other factors that may affect PayPal’s operations, financial circumstances and prospects or that may result in material differences in material other than those express or implied in a forward-looking statement, may be found at PayPal Holdings, Inc. ‘s latest Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K and other filings with the Securities and Exchange Commission (“SEC”), and future filing with the SEC.
The forward-looking statements contained in this announcement speak only about the date. PayPal expressly disclaims any obligation or promise to publish any updates or revisions to any forward-looking statements herein to reflect any change in expectations or changes, circumstances or circumstances upon which such statement is based.
Here’s the Jerk that’ll Shock you!
Amazon is suspicious that the browser extension is a security risk for Honey.
PayPal acquired public coupon discovery links for Honey Browser, for $ 4 billion but then it was discovered that the extension was a security risk.
The security warning was first seen by Politico editor Ryan Hutchins and the timing of the message, Wired reports, is suspicious. Honey has been compatible with Amazon for years, so why did the seller tag it as malware at the height of the shopping season?
A free extension for browsers like Honey Chrome, Firefox and Safari, Honey browses network coupon code and automatically applies it to buyer requests. It also tracks prices that are especially helpful for sites like Amazon, where prices are constantly changing and different price lists for the same item. So it seems particularly odd that Amazon would suddenly discard customers using a tool that encourages customers to buy from their site.
The Honey Browser extension is a security risk. Honey tracks the behavior of your private purchase, collects data such as your order history and stored items, and may read or change any of the websites you visit. Your private data and to make it safe, uninstall this extension immediately. “
Although the statement is technically true, it is also true of many browser extensions. Even though Honey collects data, he uses the data for his service, which sites used the latest coupon codes. In the Privacy and Security Policy (which users consent to before using the service), Honey may sell personal information, which does not include search engine history, e-mail or browsing data on sites other than foreign outlets.
“Our goal is to alert customers to extensions of personal data collection browsers without their knowledge or consent,” an Amazon spokesperson told The Verge, but did not comment further on why he considered Honey a security risk and the time behind his decision. I know.
Honey said he works with security companies to evaluate the service regularly. The cybersecurity company found vulnerabilities in user information released last summer, but quickly snapped up. “We only use data in ways that benefit Honey members directly, because it helps people save money and time and in ways they could expect,” a Woney spokesperson told Wired. “Our commitment is clearly defined in our privacy and security policy.”
If PayPal pays $ 4 billion for the biggest purchase Honey has ever had, Amazon is likely to feel threatened by the fact that it owns a competitor in the e-commerce space.
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