Booking Holdings

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Booking Holdings Inc.
Formerly called
The Priceline Group (1997–2018)
Public
Traded as
Industry Travel
Technology
Founded 1997; 21 years ago (1997)
Founder Jay S. Walker
Headquarters Norwalk, Connecticut, United States
Key people
Glenn D. Fogel
(President and CEO)[1]
Products Booking.com
Priceline.com
Agoda.com
Kayak.com
Cheapflights
Rentalcars.com
momondo
Mundi
OpenTable
Revenue Increase US$12.681 billion (2017)[1]
Decrease US$2.906 billion (2016)[1]
Decrease US$2.134 billion (2016)[1]
Total assets Increase US$19.838 billion (2016)[1]
Total equity Increase US$9.820 billion (2016)[1]
Number of employees
18,500 (2016)[1]
Website bookingholdings.com

Booking Holdings, (formerly known as The Priceline Group), is an American company 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 2016, 88% of its bookings were made outside the United States – most of which used Booking.com.[1]

In 2016, consumers booked 556.6 million room nights of accommodation, 66.6 million rental car days, and 7.3 million airplane tickets using websites owned by Booking Holdings.[1]

In 2016, 93.4% of revenues were derived from commissions and 6.6% of revenues were derived from advertising.[1]

History[edit]

In 1997, Jay S. Walker founded the company, which launched Priceline.com, an online travel site, that used a Name Your Own Price bidding model.[2]

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.[3][2]

The company experimented with selling other products and services such as groceries, gasoline, home mortgages, and cars, but these offerings were discontinued in 2000.[4][5]

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

In February 2017, Priceline announced a definitive agreement to acquire the Momondo Group.[6] On July 17, 2017, EU antitrust regulators approved the acquisition.[7] The Momondo Group, which operates Momondo and Cheapflights, will roll under Booking Holdings's travel meta brand, KAYAK. In August 2017, KAYAK acquired the assets, including the domain and user information and the mobile apps, of the Brazilian metasearch company Mundi.[8]

On February 21, 2018, the name of the company was changed from The Priceline Group Inc. to Booking Holdings.[9] 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.[10]

Effective January 1, 2014, Darren Huston was named Chief Executive Officer of the company, replacing Jeff Boyd.[11] On April 28, 2016, Huston was forced to resign following an extramarital affair and Boyd was named interim CEO.[12]

Effective January 1, 2017, Glenn D. Fogel was named Chief Executive Officer and President.[13]

Acquisitions[edit]

# Year Company Price Ref(s).
1 2004 Major stakes in Travelweb and Active Hotels [14]
2 2005 Booking.com [15]
3 2007 Agoda.com [16]
4 2010 TravelJigsaw / Rentalcars.com [17]
5 2013 Kayak.com $1.8 billion [18]
6 2014 OpenTable $2.6 billion [19]
7 2014 Buuteeq and Hotel Ninjas $98 Million [20]
8 2015 Rocketmiles [21]
9 2017 Momondo and Cheapflights $550 million [22]
10 2017 Mundi [23]

Rentalcars.com[edit]

Rentalcars.com
Type of site
Online car rental broker
Available in 42 languages
Area served Global
Owner Booking Holdings
Website www.rentalcars.com
Commercial Yes
Registration Optional
Launched 2005; 13 years ago (2005)
Current status Online

Rentalcars.com, formerly known as TravelJigsaw, is an online broker for car rental that is part of Booking Holdings of companies.[24] 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[25][26][27] is in Manchester, UK and the CEO is Ian Brown.[28][29] In 2016, Supriya Uchil, joined Rentalcars.com as Chief Product Officer from Amazon (company).[30]

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[31][32] and its name was then changed. In 2016, Rideways was launched as a new division of Rentalcars.com,[33] 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.[34]

In December 2017, the Rentalcars.com Mobile app was awarded World's Leading Car Rental App[35] 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[36] in 16th place.

See also[edit]

References[edit]

  1. ^ a b c d e f g h i j k The Priceline Group Inc. 2016 Form 10-K Annual Report
  2. ^ 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)
  3. ^ Piskora, Beth (March 31, 1999). "Priceline Blasts Off – Online Ticketing Enterprise IPO Up 3 331%". The New York Post. 
  4. ^ Brooks, Nancy Rivera (October 5, 2000). "Priceline.com to Put Gas Up for Bid on Web". Los Angeles Times. 
  5. ^ "Priceline Runs Out of Gas, Groceries". CBS News. February 26, 2000. 
  6. ^ "The Priceline Group Completes the Acquisition of Momondo Group" (Press release). PR Newswire. 24 July 2017. 
  7. ^ "EU approves Priceline's acquisition of Momondo". 17 July 2017. Retrieved 14 August 2017. 
  8. ^ May, Kevin (5 April 2011). "Kayak buys Austrian travel search engine Checkfelix". Tnooz. Retrieved 14 August 2017. 
  9. ^ Josephs, Leslie (21 February 2018). "Online travel giant Priceline Group changes name to Booking Holdings". CNBC. Retrieved 21 February 2018. 
  10. ^ Lincoln, Kevin (January 19, 2012). "Meet The Man Who Turned Priceline Into A $24 Billion Company". Business Insider. 
  11. ^ Clampet, Jason (November 7, 2013). "Priceline Replaces CEO With Booking.com Boss". Skift. 
  12. ^ "Priceline Group CEO Darren Huston Resigns; Chairman Jeffery H. Boyd Appointed Interim CEO" (Press release). PR Newswire. April 28, 2016. 
  13. ^ "The Priceline Group Names Glenn Fogel CEO" (Press release). PR Newswire. December 15, 2016. 
  14. ^ "Priceline Posts Profit, Buys Travelweb". The Wall Street Journal. May 3, 2004. (subscription required)
  15. ^ O'Neill, Sean (October 2, 2012). "Why Priceline's Purchase of Booking.com Was the Most Profitable Deal of the 2000's". Tnooz. 
  16. ^ "Priceline.com Acquires Asian Online Hotel Reservation Service Company Agoda". Reuters. November 8, 2007. 
  17. ^ Schaal, Dennis (May 18, 2010). "Priceline Acquires Car Rental Firm Travel Jigsaw As Part of Expansion Drive". Tnooz. 
  18. ^ Lardinois, Frederic (November 8, 2012). "Priceline.com Acquires Kayak For $1.8 Billion, Will Allow Kayak To Continue To Operate Independently". TechCrunch. 
  19. ^ Sharf, Samantha (June 13, 2014). "Priceline Reserves OpenTable for 2.6 Billion". Forbes. 
  20. ^ Schaal, Dennis (August 11, 2014). "Priceline Group Paid $98 Million for Buuteeq and Hotel Ninjas". Skift. 
  21. ^ Elahi, Amina; Karp, Gregory (February 19, 2015). "Priceline to acquire Chicago startup Rocketmiles, says report". Chicago Tribune. 
  22. ^ "The Priceline Group Completes the Acquisition of Momondo Group" (Press release). PR Newswire. 24 July 2017. 
  23. ^ O'Neill, Sean (4 August 2017). "Kayak Acquires Assets of Struggling Brazilian Metasearch Company Mundi". Skift. Retrieved 14 August 2017. 
  24. ^ Stocks. "Stocks". Bloomberg. Retrieved 2017-12-18. 
  25. ^ Roue, Lucy (2017-02-16). "350 jobs up for grabs at firm behind Manchester's 'coolest office'". men. Retrieved 2017-08-15. 
  26. ^ McCrum, Kirstie (2015-05-28). "Is this the coolest office in Britain? Cinema, free breakfast – and a BEACH". mirror. Retrieved 2017-08-15. 
  27. ^ "Is this the coolest office in the UK? Firm spends £2.7m to treat staff". Mail Online. Retrieved 2017-08-15. 
  28. ^ 12:15 (2017-11-20). "BBC Radio 4 – You and Yours, Universal credit, Car hire, Stag dos". Bbc.co.uk. Retrieved 2017-12-18. 
  29. ^ "Big Interview: Manchester's other Ian Brown, the chief executive of Rentalcars.com". Retrieved December 18, 2017. 
  30. ^ Prior, David (2017-02-07). "Rentalcars.com to become "product-centric company" after appointment of Amazon executive". Prolific North. Retrieved 2017-12-18. 
  31. ^ "Priceline acquires car-rental firm TravelJigsaw as part of expansion drive – Tnooz". Tnooz. Retrieved 2017-08-15. 
  32. ^ "Priceline.com acquires TravelJigsaw". Reuters U.K. May 18, 2010. Retrieved December 18, 2017. 
  33. ^ "Priceline Group makes move into ground transportation with Rideways launch – Tnooz". Tnooz. Retrieved 2017-10-20. 
  34. ^ "Drivers to benefit as CMA takes action on car hire websites – GOV.UK". www.gov.uk. Retrieved 2017-08-15. 
  35. ^ "World's Leading Car Rental App 2017 – World Travel Awards". Worldtravelawards.com. 2017-12-10. Retrieved 2017-12-18. 
  36. ^ "Rentalcars.com voted in Top 20 of Glassdoor Award". Businesscloud.co.uk. Retrieved 2017-12-18. 

External links[edit]