PayPal to Acquire Honey
`Advances PayPal's leadership in digital commerce
`Enhances PayPal's value proposition with an extensive set of consumer commerce
`capabilities
`Drives increased sales and conversion for PayPal's merchants
`
`NEWS PROVIDED BY
`PayPal, Inc.
`
`Nov 20, 2019, 16:15 ET
`
`SAN JOSE, Calif., Nov. 20, 2019 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today
`announced that it has agreed to acquire Honey Science Corporation, a rapidly-growing
`technology platform for shopping and rewards, for approximately $4 billion. Honey, in
`combination with PayPal's two-sided network, will transform the shopping experience for
`PayPal's consumers while increasing sales and customer engagement for its merchants.
`
`/
`
`Honey Science Corp.
`Exhibit 2009
`RetailMeNot v. Honey
`IPR2019-01565
`
`Ex. 2009-0001
`
`

`

`Left to right: Honey Co-Founders Ryan Hudson and George Ruan.
`
`Founded in 2012, Honey is best known as a popular discovery tool that helps consumers nd
`savings as they shop online. Honey has continued to grow and evolve, expanding its suite of
`products and services to include a mobile shopping assistant, offers and rewards program, and
`price-tracking tools and alerts. With approximately 17 million monthly active users, Honey has
`helped millions of people nd more than $1 billion in savings in the past year. Honey currently
`works across approximately 30,000 online retailers ranging from fashion and technology, to
`travel and pizza delivery.
`
`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. The combination will help accelerate growth across both
`companies. Honey will accelerate its growth by driving adoption among PayPal and Venmo's
`more than 275 million active consumer accounts and sourcing exclusive offers from PayPal's
`extensive network of 24 million merchant accounts. Honey will enable PayPal to reach
`consumers at the beginning of their shopping journeys and will enhance PayPal's ability to
`help merchants acquire and convert consumers by delivering offers that are personalized,
`timely, and optimized across channels.
`
`/
`
`Ex. 2009-0002
`
`

`

`"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," said Dan Schulman, president and CEO of PayPal.
`"The combination of Honey's complementary consumer products with our platform will
`signicantly 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
`signicant and meaningful dimension to our two-sided platform."
`
`Following the acquisition, Honey will retain its headquarters and brand in Los Angeles,
`California. Honey co-founders George Ruan and Ryan Hudson will continue to lead the Honey
`team as part of PayPal's global consumer product and technology organization, reporting to
`Senior Vice President John Kunze.
`
`"Honey's vision has always been to give consumers the tools they need to make the best
`decisions with their money," said Ruan. "PayPal shares that vision and together we can build
`powerful commerce capabilities that create real value for both consumers and retailers around
`the world."
`
`"Combining PayPal's assets and reach with our technology, we can build powerful new online
`shopping experiences for consumers and merchants," said Hudson. "We'll have the ability to
`help millions of retailers efciently reach consumers with offers that deliver more and more
`value to Honey members."
`
`Honey was protable on a net income basis in 2018. Subject to customary closing conditions,
`including the receipt of regulatory approvals, the transaction is expected to close in the rst
`quarter of 2020. The acquisition is expected to be accretive to PayPal's non-GAAP earnings per
`share in 2021.
`
`Perella Weinberg Partners LP is acting as sole nancial adviser to PayPal, and Skadden, Arps,
`Slate, Meagher & Flom LLP is acting as its legal adviser with regard to the transaction. Qatalyst
`Partners is acting as sole nancial adviser to Honey, while Latham & Watkins, LLP is acting as its
`legal adviser.
`
`/
`
`Ex. 2009-0003
`
`

`

`Webcast and Conference Call Information
`PayPal will host a conference call to discuss the transaction at 2:00 p.m. Pacic Standard Time
`(PST) today. A live webcast of the conference call, together with a slide presentation, can be
`accessed through the company's investor relations website at https://investor.paypal-corp.com.
`In addition, an archive of the webcast will be accessible for 90 days through the same link.
`
`About PayPal
`PayPal has remained at the forefront of the digital payment revolution for more than 20 years.
`By leveraging technology to make nancial services and commerce more convenient,
`affordable, and secure, the PayPal platform is empowering 300 million consumers and
`merchants in more than 200 markets to join and thrive in the global economy. For more
`information, visit paypal.com.
`
`About Honey
`Honey Science Corporation is an L.A.-based tech company building tools to help people save
`time and money when shopping online. What started as a browser extension has grown into a
`suite of free tools that help everyone shop with condence. From notifying you when a price
`drops, to showing you the lowest prices available, Honey provides you with the information that
`you need to make the best decisions with your money. With approximately 17 million monthly
`active users, Honey has helped millions of people nd more than $1 billion in savings in the
`past year. Visit www.joinhoney.com to shop smarter.
`
`Forward-Looking Statements
`This announcement contains "forward-looking" statements within the meaning of applicable
`securities laws. Forward-looking statements and information relate to future events and future
`performance and reect PayPal's expectations regarding the impact of this transaction on
`PayPal's and Honey's nancial and operating results and business, the operation and
`management of Honey after the acquisition, and the timing of the closing of the acquisition.
`Forward-looking statements may be identied by words such as "seek", "believe", "plan",
`"estimate", "anticipate", expect", "project, "forecast", or "intend", and statements that an event or
`result "may", "will", "should", "could", or "might" occur or be achieved and any other similar
`expressions.
`
`/
`
`Ex. 2009-0004
`
`

`

`Forward-looking statements involve risks and uncertainties which may cause actual results to
`differ materially from the statements made, and, accordingly, readers should not place undue
`reliance on forward-looking statements and information. Factors that could cause or
`contribute to such differences include, but are not limited to, the timing and possible outcome
`of security holder and regulatory approvals in connection with the transaction, the possibility
`that the transaction may not close, the reaction to the transaction of Honey's customers and
`business partners, the reaction of competitors to the transaction, the retention of Honey's
`employees, PayPal's plans for Honey, economic and political conditions in the global markets in
`which PayPal and Honey operate, the future growth of PayPal's and Honey's businesses and the
`possibility that integration following the transaction may be more difcult than expected.
`
`More information about these and other factors that could adversely affect PayPal's results of
`operations, nancial condition and prospects or that could cause actual results to differ
`materially from those expressed or implied in forward-looking statements can be found in
`PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-
`Q, Current Reports on Form 8-K and other lings with the Securities and Exchange
`Commission (the "SEC"), and its future lings with the SEC.
`
`The forward-looking statements contained in this announcement speak only as of the date
`hereof.  PayPal expressly disclaims any obligation or undertaking to disseminate any updates or
`revisions to any forward-looking statements contained herein to reect any change in the
`expectations with regard thereto or any change in events, conditions or circumstances on
`which any such statement is based.
`
`Contacts
`Investor Relations Contacts   
`Gabrielle Rabinovitch
`grabinovitch@paypal.com
`
`Akila Moorthy
`amoorthy@paypal.com 
`
`Media Relations Contact
`Josh Criscoe
`jcriscoe@paypal.com 
`
`/
`
`Ex. 2009-0005
`
`

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`646.667.5065
`
`Amanda Coffee
`acoffee@paypal.com
`408.221.1984
`
`SOURCE PayPal, Inc.
`
`Related Links
`http://www.paypal.com
`
`/
`
`Ex. 2009-0006
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