Nov 21, 2019

PayPal acquires Honey browser plug-in for $4 billion

Dan Primack

Illustration: Eniola Odetunde/Axios

PayPal (Nasdaq: PYPL) agreed to buy Honey, an app and browser plug-in for e-commerce coupons, for around $4 billion in cash and stock.

Why it matters: It's PayPal's largest-ever acquisition, and the largest-ever purchase of a Los Angeles-based tech startup.

  • ROI: Honey had raised around $55 million from Anthos Capital, Citi Ventures, Mucker Capital, and Wonder Ventures. One source tells me that the company's most recent valuation was around $700 million.
  • The bottom line: "Once installed, Honey tracks price changes on retailer websites but can also automatically input coupon codes when a user enters an online checkout. If no coupons are available, Honey may also offer loyalty points that can be redeemed as gift cards. Given that PayPal already has 24 million online merchants, its latest acquisition will allow it to better target and personalize experiences for consumers the minute they arrive on a website." — Matt Brian, Engadget

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Dan Primack

KKR agrees to buy defense component manufacturer Novaria Group

Illustration: Lazaro Gamio/Axios

KKR agreed to buy Novaria Group, a Texas-based manufacturer of components for the aerospace and defense industries, from Rosewood Private Investments and Tailwind Advisors.

Why it matters: This is the latest example of KKR buying an industrials company and then giving employees equity, something that has not caught on with many other private equity shops.

Go deeperArrowNov 25, 2019
Dan Primack

Pre-Thanksgiving Merger Monday sees over $60 billion in announced deals

Illustration: Sarah Grillo/Axios

It's been a while since we've had a full-fledged Merger Monday, but today we've seen over $60 billion in announced deals.

Why it matters: This isn't about a macro economic shift. It's about bankers and boards wanting to enjoy their Thanksgiving breaks, without constant cell phone pings.

Go deeperArrowNov 25, 2019
Kia Kokalitcheva

Plexo Capital raises $43 million to back minority-led VC funds

Illustration: Lazaro Gamio / Axios

Plexo Capital, founded by former Google Ventures partner Lo Toney to back early-stage VC funds led by women and underrepresented minorities, raised $42.5 million for its debut fund.

Why it matters: Despite many superficial displays of support for greater diversity among investor ranks, it's still tough VCs from underrepresented groups to raise funds.

Go deeperArrowDec 5, 2019