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Paypal Acquires Honey for $4 Billion

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Left to right: Honey Co-Founders Ryan Hudson and George Ruan (Photo courtesy PR Newswire)

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. 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.

Founded in 2012, Honey is best known as a popular discovery tool that helps consumers find savings as they shop online. 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. 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 currently works across approximately 30,000 online retailers ranging from fashion and technology, to travel and pizza delivery.

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. The combination will help accelerate growth across both companies. Honey will accelerate its growth by driving adoption among PayPal and Venmo’s more than 275 million active consumer accounts and sourcing exclusive offers from PayPal’s extensive network of 24 million merchant accounts. Honey will enable PayPal to reach consumers at the beginning of their shopping journeys and will enhance PayPal’s ability to help merchants acquire and convert consumers by delivering offers that are personalized, timely, and optimized across channels.

“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 and CEO of PayPal. “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 and brand in Los Angeles, California. 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’s vision has always been to give consumers the tools they need to make the best decisions with their money,” said Ruan. “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 PayPal’s assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants,” said Hudson. “We’ll have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.”

Honey was profitable on a net income basis in 2018. Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020. The acquisition is expected to be accretive to PayPal’s non-GAAP earnings per share in 2021.

Perella Weinberg Partners LP is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal adviser with regard to the transaction. Qatalyst Partners is acting as sole financial adviser to Honey, while Latham & Watkins, LLP is acting as its legal adviser.

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 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.

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.

Business

RetailMeNot’s Five to Buy in February

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RetailMeNot's Five to Buy in February
Image via Shutterstock

The wintry temps may make you cold, but February deals are sure to warm your heart. It’s not only a great time to shower your valentine with roses and gifts, but it’s a great time to make other smart and timely purchases as well.

The shopping and trends expert for RetailMeNot, Sara Skirboll, agrees. “With the biggest football game of the year, Valentine’s Day and Presidents Day on the horizon, retailers will offer tremendous savings on a variety of categories — from TVs and TV dinners to all of your Valentine’s Day needs.

1. Play Cupid

With Valentine’s Day this month, shoppers might be struggling to find the right present that symbolizes their love. You can never go wrong with a customized gift made especially for them. This month, shoppers looking to go the extra mile for their loved one will save an average of 40% on items like personalized photo albums, picture frames, wall art and more. You name it, they make it — and just because it’s customized doesn’t mean it will break the bank. Turn to retailers like Shutterfly who is offering a RetailMeNot exclusive for 28% off your regular priced purchase.

2. Ding-Dong Deals

While some might make dinner reservations at the fanciest restaurant in town, many will opt to eat at home. Those who do can take advantage of special promotions and discounts. In fact, diners can save an average of 30% off all month long, so be sure to search the food delivery deals from RetailMeNot. Right now, DoorDash is offering 25% off your first purchase and Postmates is offering $15 delivery credit for existing users.

3. Flower Power

Everything’s coming up roses! According to a recent RetailMeNot survey, 46% of shoppers plan to buy flowers for Valentine’s Day this year, up from 34% in 2019. Many florists will be offering promotions and discounts to help shoppers prepare for the holiday. This year, retailers like 1800Flowers are having up to 40% off flowers & gifts and FTD is offering a RetailMeNot exclusive offer for 20% off sitewide.

4. Get Your Game On

Attention sports fans: Discounts on electronics are not strictly reserved for Black Friday! In fact, February is the second-cheapest time of year to buy a new TV. With the big game right around the corner and March Madness close behind, manufacturers will use those big-time events to highlight big savings on big-screen sets. Another reason for the markdowns is that new models will be released next month, so retailers will be looking to make room for new inventory. Shoppers in the market for a new TV should head to Samsung where they can get 10% cash back with RetailMeNot, and Best Buy where they can find up to 64% off clearance items.

5. Meet Your (Price) Match

Life can easily get in the way of finding “the one,” but online dating sites and convenient mobile apps are here to help. Those looking for love are in luck: Dating sites can offer up to 75% off enrollment fees to encourage singles to put themselves out there. Dating sites like eHarmony are offering 35% off all subscriptions and OkCupid is offering free membership.

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Arts

Shutterstock Announced as Official Photographer of the 2020 EE British Academy Film Awards

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Shutterstock Announced as Official Photographer of the 2020 EE British Academy Film Awards (Photo: PR Newswire)

Shutterstock, Inc., a leading global technology company offering a creative platform for high-quality content, tools and services, today announced that it has been renewed as the official photographer of the 2020 EE British Academy Film Awards, which recognizes the very best in film over the past year. As the official photographer of the show on Sunday, February 2nd, Shutterstock’s on-site entertainment photographers, editors and engineering team will deliver exclusive high-quality images from the event at the Royal Albert Hall in London to the world in less than one minute from the image being taken.

Shutterstock’s editorial team captures, edits and distributes celebrity portraits and candid images leveraging proprietary software optimized for speed to market. As the moments from the red carpet, inside the awards show, and at the after-parties are captured, Shutterstock’s team makes lightning-fast crops and edits and transmits them directly to the desks of photo editors, writers and media. This speed-to-market empowers Shutterstock’s editorial customers to keep up with today’s fast news cycle to quickly deliver their news stories.

“We are pleased to continue our long-standing relationship with BAFTA, an arts charity whose purpose of celebrating and supporting the best work and talent in film, games and television is closely aligned with Shutterstock’s,” said Candice Murray, Vice President of Editorial at Shutterstock. “As a company whose passion is rooted in creativity, it is always an honor to be selected to shoot and share these unique moments recognizing the industry’s top creatives from around the world at the BAFTAs.”

“Shutterstock is best equipped to provide the world’s media with high-quality images of our awards ceremonies and year-round program through their advanced creative platform,” said Claire Rees, Photography Director for British Academy of Film and Television Arts. “Our partnership has grown over the years and as Shutterstock’s technology and service continue to evolve, we continue to see greater results in amplifying the mission of BAFTA around the world.”

Shutterstock’s annual partnership with BAFTA, a world-leading independent arts charity, originated in 2013 and includes editorial photography coverage of the Television Craft Awards, Games Awards, Television Awards, Young Game Designers Competition, Scotland Awards, Cymru Awards and Children’s Awards.

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Business

Amazon Profits Surge as Investment in Faster Shipping Pays Off

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Amazon Profits Surge as Investment in Faster Shipping Pays Off
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By Dominic Rushe

Amazon’s massive investment in faster shipping paid off for the tech company over the Christmas holidays with record sales and four times as many customers taking advantage of its free one-day shipping offer over the shopping season compared with last year.

Amazon is spending billions making one-day shipping the default for its Prime members and the gamble helped drive its revenues up over $87bn for the final quarter of 2019, or $29bn a month, compared with $72.4bn in the fourth quarter of 2018.

Profits increased to $3.3bn in the fourth quarter, up from $3bn in the same period last year, after a fall of 25% from July to September due to its costly shipping investments. Amazon’s shares shot up over 10% in after-hours trading.

“We’ve made Prime delivery faster – the number of items delivered to US customers with Prime’s free one-day and same-day delivery more than quadrupled this quarter compared to last year,” said Jeff Bezos, Amazon founder and CEO.

Amazon’s bumper Christmas – the best in its history – came as other retailers including Target, Macy’s and JC Penney have reported lower sales.

Amazon Web Services (AWS), its cloud computing business, reported revenues of $9.9bn for the quarter, up 34% from the year-ago period.

Amazon also gave an update on its number of Prime subscribers, who pay an annual fee for faster shipping and access to free content on its streaming media services. Bezos said the company now has over 150 million paid Prime members around the world, up from 100 million last April.

Amazon’s share price has lagged its tech giant peers in recent months as investors have worried about its spending. The latest results push the company back into the exclusive club of tech companies now valued at over $1tn including Apple, Alphabet and Microsoft.

Copyright © 2020 theguardian.com. All rights reserved.

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