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JB Brathwaite
JB Brathwaite November 5, 2020
JB

Honey built a $4 Billion Company From a Browser Extension

 

Clipping coupons is no way to amass a modern mega-fortune, but two Los Angeles men who reinvented the practice for the internet age have just reaped about $1.5 billion.

That’s the estimated pretax haul for Honey Science Corp. co-founders George Ruan, 40, and Ryan Hudson, 39, following the $4 billion sale of their firm to PayPal Holdings Inc., according to EquityZen, a marketplace for shares of closely held companies. Ruan, the chief executive officer, and Hudson received roughly $900 million and $575 million, respectively.

Honey is largely used by consumers as a browser extension that automatically applies coupons at e-commerce sites. PayPal has said it plans to use those capabilities to give its customers a better shopping experience and help merchants boost sales, partly with more timely and personalized offers.

The duo join an ever-growing roster of U.S. fintech tycoons. Plaid Inc. co-founders Zach Perret and William Hockey announced the sale of their company to payments giant Visa Inc. for $5.3 billion on Jan. 13, while Robinhood Markets Inc. co-founders Vlad Tenev and Baiju Bhatt became billionaires in 2018 as the valuation of their electronic stock brokerage soared.

The cash acquisition of Los Angeles-based Honey — announced in November and completed this month — was PayPal’s largest-ever acquisition. The deal gives it access to valuable data on consumer buying habits.

Ruan and Hudson, who founded Honey in 2012, will continue to run the business, according to a Nov. 20 statement. About 17 million people use Honey apps or web browser extensions monthly to find discounts at online shopping sites.

Click here to read more on Bloomberg

 

 
JB Brathwaite
JB Brathwaite July 12, 2020
JB

Emmit McHenry
JB Brathwaite
JB Brathwaite February 25, 2020
JB

2 The Next Level Tuesday Emitt McHenry, The Father of Dot.com

 
What does Forrest City, Arkansas, the University of Denver, the United States Marine Corps, IBM,  AllState Insurance, Network Solutions,  TCP/IP protocol, domain name system (DNS) registry of .com, .net and .org. have in common. 
 
They all helped take the legacy of Emmit McHenry, the father of domain name registry take his business 2 the next level of success.
 
Here are some steps Emmit McHenry took to obtain the right to found domain name registry Network Solutions.

  1. Emmit McHenry was born on July 12, 1943, in Forrest City, Arkansas

  2. Emmit graduated from the University of Denver.

  3. Emmit was a member of the United States Marine Corps.

  4. Emmit McHenry held various management positions with IBM, Connecticut General, Union Mutual, and AllState Insurance Company.

  5. With Gary Desler, Ty Grigsby, and Ed Peters he founded his first full-time entrepreneurial venture: Network Solutions.

  6. Network Solutions commercialized the TCP/IP protocol for packet-switched computer network interoperability and went on to become the manager of the domain name system (DNS) registry, granting “.com” registrations.

 
Read the full story at The HistoryMakers
 
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