One of 2019’s biggest acquisitions has finally been completed with PayPal securing browser extension publisher Honey for $4 billion.
Previously announcing the news in November, the deal has been approved as PayPal initiates its campaign for 2020, where Honey’s tech will be integrated to its existing product line to expand its reach to over 300 million users.
In addition, with personalisation now becoming an essential element in the customer purchasing funnel, PayPal’s network of 24 million merchant partners will be able to offer more personalised promotions to users to drive sales and increase customer engagement.
“I’m thrilled to share that we’ve completed our acquisition of Honey. The addition of Honey 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. Please join me in welcoming George Ruan, Ryan Hudson and the rest of the Honey team to the PayPal family,” Dan Schulman, founder and CEO of PayPal announced on LinkedIn.
At the time of the announcement, Raun said that PayPal shared the same vision as them in giving customers the tools they need to make the best purchasing decisions online.
“Combining PayPal’s assets and reach with our technology, we can build powerful new online shopping experiences for consumers and merchants,” Hudson added; “We’ll have the ability to help millions of retailers efficiently reach consumers with offers that deliver more and more value to Honey members.”