THE WHAT? Payment service PayPal is set to acquire privately-held shopping and rewards platform Honey Science Corp in a deal estimated to be around $4 billion.
THE DETAILS The deal to purchase Honey Science Corp, which finds and applies coupon codes online, is expected to close in 2020 and will add to PayPal’s adjusted profit in 2021, according to Nasdaq.
A statement released by PayPal highlighted that Honey Science Corp will continue at its Los Angeles-based headquarters. It is the largest deal in the payment company’s history.
THE WHY? The acquisition of Honey Science Corp is said to extend PayPal’s role in the customer purchase journey, enabling it to offer promotions and discounts. Likewise the addition of the company to PayPal’s roster will allow its merchant partners to also offer promotions.
Adding the company to its belt will also help PayPal keep up with its growing list of competitors, such as Amazon Pay, Android Pay, Apple Pay and Samsung Pay.