PayPal Holdings, Inc. (NASDAQ: PYPL) announced that it has completed the acquisition of Honey Science Corporation, the online shopping tool, for roughly $4 billion in cash.
PayPal intends to expand its appeal with this transaction, while increasing sales and customer engagement for its merchants. Honey is a popular tool designed to help people save time and money when shopping online. Currently, Honey claims that it hast approximately 17 million monthly active users, and that it has helped millions of people to find more than $1 billion in savings in the past year.
“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.
This is the second strategic acquisition by PayPal within a month. Earlier in December the Company announced that it has completed its acquisition of a 70% equity interest in Guofubao Information Technology Co., Ltd. (GoPay), following approval of the transaction by the People’s Bank of China, on September 30. With the close of the deal, PayPal is the first foreign payments platform licensed to provide online payment services in China.
“We’re pleased to complete this historic transaction, which enables us to broaden our participation in such a dynamic market,” said Dan Schulman regarding the transaction. “This important step will allow us to be a stronger partner to Chinese financial institutions and technology platforms. We look forward to contributing to the growth of China’s e-commerce and payments ecosystem.”
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