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. This transaction
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. "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."
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.
To learn more and join Honey, visit
www.joinhoney.com/paypal.
About PayPal
PayPal has remained at the forefront of
the digital payment revolution for more than 20 years. 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. For more
information, visit paypal.com.
About Honey
Honey Science Corporation is an L.A.-based
tech company building tools to help people save time and money when
shopping online. What started as a browser extension has grown into
a suite of free tools that help everyone shop with confidence. 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. With approximately 17
million monthly active users, Honey has helped millions of people
find more than $1 billion in savings
in the past year. Visit www.joinhoney.com to shop smarter.
Forward-Looking Statements
This announcement contains
"forward-looking" statements within the meaning of applicable
securities laws. 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.
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. 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.
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.
The forward-looking statements contained in this announcement
speak only as of the date hereof. 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.
Contacts
Investor Relations
Contacts
Gabrielle
Rabinovitch
grabinovitch@paypal.com
Akila Moorthy
amoorthy@paypal.com
Media Relations Contact
Josh
Criscoe
jcriscoe@paypal.com
646.667.5065
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SOURCE PayPal Holdings, Inc.