PayPal completes $4B acquisition of Honey
PayPal Holdings Inc. said it has completed the acquisition of Honey Science Corp. for about $4 billion in cash.
Honey, based in Los Angeles, is a digital shopping and rewards platform, that automatically adds online coupons and incentives when ecommerce shoppers browse for deals.
"We’re thrilled to complete this transformational transaction and welcome the Honey team to the PayPal family," Dan Schulman, president and CEO of PayPal, said in a company release. "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 under PayPal's global consumer product and technology organization.
Cover image: Honey