The purchase of this start-up, which makes a popular browser extension that enables users to compare prices while shopping online, marks the largest acquisition of a tech company in L.A. history.
Digital payments giant PayPal Holdings Inc. announced a deal to buy the downtown Los Angeles-based Honey Science Corp. for $4 billion Wednesday, marking the largest acquisition of a tech company in L.A. history.
Honey enables its 17 million users to compare prices over time, make shopping lists and participate in rewards programs with partner retailers such as Walmart, Amazon, Macy’s and EBay, PayPal’s original parent company. With this acquisition, PayPal plans to add Honey’s technology to its PayPal and Venmo products, allowing it to extend its interactions with consumers beyond the checkout screen.
Honey was profitable in 2018, PayPal said in a statement. The 7-year-old start-up will keep its headquarters in Los Angeles, where it has been since its founding in 2012, and the founders will continue to run the business. “The first time Ryan pitched us, we actually were too stupid to invest,” Hsu said. “They actually couldn’t raise money from anyone in L.A. for a couple years, so he took a job and kept running Honey on the side.”The next time Hudson and co-founder George Ruan got in touch, the company had hundreds of thousands of consumers using its browser plug-in, and Hsu was convinced.
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