San Jose, Calif., Nov. 20, 2019: PayPal Holdings, Inc. has announced that it had agreed to acquire Honey Science Corporation, a technology platform for shopping & 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 customer engagement for its merchants, said PayPal in a press release.
Founded in 2012, Honey is known as a discovery tool that helps consumers find savings as they shop Online. Over the years, Honey has continued to grow & evolve, expanding its suite of products & services to include a mobile shopping assistant, offers & rewards program, & price-tracking tools & alerts.
Currently, Honey has about 17 million monthly active users, & currently works across approximately 30,000 Online retailers ranging from fashion & technology, to travel & pizza delivery.
“Honey is amongst the most transformative acquisitions in PayPal’s history. It provides a broad portfolio of services to simplify the consumer shopping experience, while at the same time making it more affordable and rewarding,” said Dan Schulman, President & CEO of PayPal in the press release. “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. 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. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform.”
Following the acquisition, Honey will retain its headquarters & brand in Los Angeles, California. Honey co-founders George Ruan & Ryan Hudson will continue to lead the Honey team as part of PayPal’s global consumer product & technology organization, reporting to Senior Vice President John Kunze.
