PayPal has this week announced that it is in the process of acquiring Honey the shopping and rewards company for approximately $4 billion. Honey, in combination with PayPal will “transform the shopping experience for PayPal’s consumers while increasing sales and customer engagement for its merchants” says Paypal in today’s press release. Founded in 2012, Honey offers a discovery tool that aids consumers find savings as they shop online.
“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 personalised 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 organisation, reporting to Senior Vice President John Kunze. For more information jump over to the official PayPal news site following the link below.
Source : PayPal