Worldwide online payment system giant PayPal has agreed to acquire Honey Science Corporation for the sum of $4 billion.
Founded in 2012, Honey Science Corporation is a company popularly known for its reward and deal finding service which helps consumers find savings as they shop online.
Honey works across 30,00 online retailers that includes fashion, technology, travel, and Pizza delivery. It has about 17 million monthly active users and has helped millions of people discover over $1 billion in savings in the past year.
PayPal says the acquisition will "transform the shopping experience for PayPal's consumers" and as well, increase "sales and customer engagement for its merchants."
"The acquisition supports PayPal and Honey's shared mission to simplify and personalize shopping experiences for consumers while driving conversion and increasing consumer engagement and sales for merchants," PayPaly said.
The deal will see Honey's headquarters remain in Los Angeles, and it will still be run by co-founders George Ruan and Ryan Hudson as part of PayPal's global consumer product and technology organization.
"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," Dan Schulman, president and CEO of PayPal said.
"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 personalized offers, and drive incremental sales. The combination of Honey and PayPal adds another significant and meaningful dimension to our two-sided platform," Schulman added.
For now, the acquisition still needs regulatory approval though the transaction is expected to be completed in the first quarter of 2020.