Booking Holdings

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Booking Holdings Inc.
Formerly
  • priceline.com Incorporated (1998–2014)
  • The Priceline Group Inc. (2014–2018)
Public
Traded as
IndustryTravel
Technology
Founded1997; 21 years ago (1997)
FounderJay S. Walker
Headquarters,
U.S.
Key people
Glenn D. Fogel
(President and CEO)
ProductsBooking.com
Priceline.com
Agoda.com
Kayak.com
Cheapflights
Rentalcars.com
momondo
Mundi
OpenTable
RevenueIncrease US$12.681 billion (2017)
Increase US$4.538 billion (2017)
Increase US$2.341 billion (2017)
Total assetsIncrease US$25.451 billion (2017)
Total equityIncrease US$11.261 billion (2017)
Number of employees
22,900 (2017)[1]
Websitebookingholdings.com
Footnotes / references
[2]

Booking Holdings Inc. is a company organized in Delaware and based in Norwalk, Connecticut that owns and operates several travel fare aggregators and travel fare metasearch engines including namesake and flagship Booking.com, Priceline.com, Agoda.com, Kayak.com, Cheapflights, Rentalcars.com, Momondo, and OpenTable. It operates websites in about 40 languages and 200 countries. In 2017, 89% of its gross profit was made outside the United States – most of which used Booking.com.[2]

In 2017, consumers booked 673.1 million room nights of accommodation, 73.0 million rental car days, and 6.9 million airplane tickets using websites owned by Booking Holdings.[2]

In 2017, 93.4% of revenues were derived from commissions and 6.6% of revenues were derived from advertising.[2]

History[edit]

In 1997, Jay S. Walker founded the company in Stamford, Connecticut, which launched Priceline.com, an online travel site, that used a Name Your Own Price bidding model.[3]

In 1999, the company became a public company via an initial public offering, making Walker, who owned a 35% stake in the company, a multi-billionaire.[4][3]

The company experimented with selling other products and services such as groceries, gasoline, home mortgages, and cars, but these offerings were discontinued in 2000.[5][6]

On April 1, 2014, the name of the company was changed from priceline.com Incorporated to The Priceline Group Inc.[2]

In July 2017, the company acquired the Momondo Group.[7]

In August 2017, KAYAK acquired the assets of Mundi, a Brazilian metasearch company.[8][9]

On February 21, 2018, the name of the company was changed from The Priceline Group Inc. to Booking Holdings.[10][11] On February 27, 2018, the company changed its ticker symbol to "BKNG" from "PCLN".

Management[edit]

Jeff Boyd was named Chief Executive Officer in 2002 and remained in that role until becoming Chairman of the Board for Booking Holdings in 2013.[12]

Effective January 1, 2014, Darren Huston was named Chief Executive Officer of the company, replacing Jeff Boyd.[13] On April 28, 2016, Huston was forced to resign following an extramarital affair and Boyd was named interim CEO.[14]

Effective January 1, 2017, Glenn D. Fogel was named Chief Executive Officer and President.[15]

Acquisitions[edit]

# Year Company Price Ref(s).
1 2004 Major stakes in Travelweb and Active Hotels [16]
2 2005 Booking.com [17]
3 2007 Agoda.com [18]
4 2010 TravelJigsaw / Rentalcars.com [19]
5 2013 Kayak.com $1.8 billion [20]
6 2014 OpenTable $2.6 billion [21]
7 2014 Buuteeq and Hotel Ninjas $98 Million [22]
8 2015 Rocketmiles [23]
9 2017 Momondo and Cheapflights $550 million [24]
10 2017 Mundi [25]
11 2018 Minority stake in DiDi $500 million [26]

Rentalcars.com[edit]

Rentalcars.com
Type of site
Online car rental broker
Available in42 languages
Area servedGlobal
OwnerBooking Holdings
Websitewww.rentalcars.com
CommercialYes
RegistrationOptional
Launched2005; 13 years ago (2005)
Current statusOnline

Rentalcars.com, formerly known as TravelJigsaw, is an online broker for car rental that is part of Booking Holdings of companies.[27] Clients search, book and pay for hire cars on Rentalcars.com, and the bookings are fulfilled by car rental companies. Rentalcars.com owns no cars. The company headquarters is in Manchester, UK and the CEO is Ian Brown.[28][29][30] [31][32] In 2016, Supriya Uchil, joined Rentalcars.com as Chief Product Officer from Amazon (company).[33]

TravelJigsaw was set up in 2005 as a broker for car rentals from hire car companies around the world. It was established by four former Airtours International Airways/MyTravel Group executives, and was bought by Booking Holdings in 2010[34][35] and its name was then changed. In 2016, Rideways was launched as a new division of Rentalcars.com,[36] with a focus upon personal pick-up at airports, hotels and railway stations.

In 2016, following complaints, the UK Government Competitions and Markets Authority took action on all UK car hire websites, to make sure consumers were provided with better information on the true cost of car hire from January 2017.[37]

In December 2017, the Rentalcars.com Mobile app was awarded World's Leading Car Rental App[38] at the World Travel Awards for the third year running, and in December 2017, Rentalcars.com was voted into the top 20 of the Glassdoor top 20 places to work 2018[39] in 16th place.

Finances[edit]

For the fiscal year 2017, Booking Holdings reported earnings of US$2.341 billion, with an annual revenue of US$12.681 billion, an increase of 18.0% over the previous fiscal cycle. Booking's shares traded at over $1,998 per share, and its market capitalization was valued at over US$84.1 billion in October 2018.[40] As of 2018, Booking Holdings ranked 229th on the Fortune 500 list of the largest United States corporations by revenue.[41]

Year Revenue
in mil. USD$
Net income
in mil. USD$
Employees
2005 963 191
2006 1,123 73
2007 1,409 139
2008 1,885 182
2009 2,338 489
2010 3,085 528
2011 4,356 1,056
2012 5,261 1,420
2013 6,793 1,893 9,500
2014 8,442 2,422 12,700
2015 9,224 2,551 15,500
2016 10,743 2,135 18,500
2017 12,681 2,341 22,900

References[edit]

  1. ^ https://fortune.com/fortune500/booking-holdings/
  2. ^ a b c d e "Booking Holdings 2017 Annual Report Form (10-K)". U.S. Securities and Exchange Commission. February 27, 2018. Retrieved August 22, 2018.
  3. ^ a b Weber, Thomas E.; Petersen, Andrea (April 1, 1999). "Priceline's Initial Public Offering Turns Founder Into Billionaire". The Wall Street Journal.(subscription required)
  4. ^ Piskora, Beth (March 31, 1999). "Priceline Blasts Off – Online Ticketing Enterprise IPO Up 3 331%". The New York Post.
  5. ^ Brooks, Nancy Rivera (October 5, 2000). "Priceline.com to Put Gas Up for Bid on Web". Los Angeles Times.
  6. ^ "Priceline Runs Out of Gas, Groceries". CBS News. February 26, 2000.
  7. ^ "The Priceline Group Completes the Acquisition of Momondo Group" (Press release). PR Newswire. 24 July 2017.
  8. ^ McDonald, Michele (3 August 2017). "Kayak acquires Brazilian travel metasearch site Mundi". Tnooz.
  9. ^ O'Neill, Sean (4 August 2017). "Kayak Acquires Assets of Struggling Brazilian Metasearch Company Mundi". Skift.
  10. ^ Josephs, Leslie (21 February 2018). "Online travel giant Priceline Group changes name to Booking Holdings". CNBC.
  11. ^ VANIAN, JONATHAN (21 February 2018). "Why Priceline Group Is Changing Its Name to Booking Holdings". Fortune.
  12. ^ Lincoln, Kevin (January 19, 2012). "Meet The Man Who Turned Priceline Into A $24 Billion Company". Business Insider.
  13. ^ Clampet, Jason (November 7, 2013). "Priceline Replaces CEO With Booking.com Boss". Skift.
  14. ^ "Priceline Group CEO Darren Huston Resigns; Chairman Jeffery H. Boyd Appointed Interim CEO" (Press release). PR Newswire. April 28, 2016.
  15. ^ "The Priceline Group Names Glenn Fogel CEO" (Press release). PR Newswire. December 15, 2016.
  16. ^ "Priceline Posts Profit, Buys Travelweb". The Wall Street Journal. May 3, 2004.(subscription required)
  17. ^ O'Neill, Sean (October 2, 2012). "Why Priceline's Purchase of Booking.com Was the Most Profitable Deal of the 2000's". Tnooz.
  18. ^ "Priceline.com Acquires Asian Online Hotel Reservation Service Company Agoda". Reuters. November 8, 2007.
  19. ^ Schaal, Dennis (May 18, 2010). "Priceline Acquires Car Rental Firm Travel Jigsaw As Part of Expansion Drive". Tnooz.
  20. ^ Lardinois, Frederic (November 8, 2012). "Priceline.com Acquires Kayak For $1.8 Billion, Will Allow Kayak To Continue To Operate Independently". TechCrunch.
  21. ^ Sharf, Samantha (June 13, 2014). "Priceline Reserves OpenTable for 2.6 Billion". Forbes.
  22. ^ Schaal, Dennis (August 11, 2014). "Priceline Group Paid $98 Million for Buuteeq and Hotel Ninjas". Skift.
  23. ^ Elahi, Amina; Karp, Gregory (February 19, 2015). "Priceline to acquire Chicago startup Rocketmiles, says report". Chicago Tribune.
  24. ^ "The Priceline Group Completes the Acquisition of Momondo Group" (Press release). PR Newswire. 24 July 2017.
  25. ^ O'Neill, Sean (4 August 2017). "Kayak Acquires Assets of Struggling Brazilian Metasearch Company Mundi". Skift.
  26. ^ "The corporation formerly known as Priceline just invested half a billion in DiDi Chuxing". The Hustle. 18 July 2018. Retrieved 27 July 2018.
  27. ^ "Company Overview of Rentalcars.com". Bloomberg L.P.
  28. ^ Roue, Lucy (2017-02-16). "350 jobs up for grabs at firm behind Manchester's 'coolest office'". men. Retrieved 2017-08-15.
  29. ^ McCrum, Kirstie (2015-05-28). "Is this the coolest office in Britain? Cinema, free breakfast – and a BEACH". mirror. Retrieved 2017-08-15.
  30. ^ "Is this the coolest office in the UK? Firm spends £2.7m to treat staff". Mail Online. Retrieved 2017-08-15.
  31. ^ 12:15 (November 20, 2017). "BBC Radio 4 – You and Yours, Universal credit, Car hire, Stag dos". Bbc.co.uk.
  32. ^ "Big Interview: Manchester's other Ian Brown, the chief executive of Rentalcars.com". Retrieved December 18, 2017.
  33. ^ Prior, David (2017-02-07). "Rentalcars.com to become "product-centric company" after appointment of Amazon executive". Prolific North. Retrieved 2017-12-18.
  34. ^ "Priceline acquires car-rental firm TravelJigsaw as part of expansion drive – Tnooz". Tnooz. Retrieved 2017-08-15.
  35. ^ "Priceline.com acquires TravelJigsaw". Reuters U.K. May 18, 2010. Retrieved December 18, 2017.
  36. ^ "Priceline Group makes move into ground transportation with Rideways launch – Tnooz". Tnooz. Retrieved 2017-10-20.
  37. ^ "Drivers to benefit as CMA takes action on car hire websites – GOV.UK". www.gov.uk. Retrieved 2017-08-15.
  38. ^ "World's Leading Car Rental App 2017 – World Travel Awards". Worldtravelawards.com. 2017-12-10. Retrieved 2017-12-18.
  39. ^ "Rentalcars.com voted in Top 20 of Glassdoor Award". Businesscloud.co.uk. Retrieved 2017-12-18.
  40. ^ "Lockheed Martin Revenue 2006-2018 | LMT". www.macrotrends.net. Retrieved 2018-10-29.
  41. ^ "Booking Holdings". Fortune. Retrieved 2018-11-25.

External links[edit]