The Priceline Group

The Priceline Group Inc.
Public
Traded as
Industry Travel
Technology
Founded 1997
Headquarters Norwalk, Connecticut, United States
Key people
 Jeffery H. Boyd
(Chairman and Interim CEO)
Products Booking.com
Priceline.com
Agoda.com
Kayak.com
Rentalcars.com
OpenTable
Revenue US$10.64 billion (expected 2016 sales)[1]
Increase US$ 3.26 billion (2015) [2]
Increase US$ 2.55 billion (2015)
Total assets Increase US$ 17.42 billion (2015)
Total equity Increase US$ 8.8 billion (2015)
Number of employees
 15,500 (2015)[2]
Website www.pricelinegroup.com

The Priceline Group is an American-based[3] provider of travel and related online services to consumers and local partners through six primary brands: Booking.com, priceline.com, agoda.com, KAYAK, Rentalcars.com and OpenTable. Collectively The Priceline Group operates in over 200 countries and territories in over 40 languages. It made 86% of its bookings outside the United States in 2015 and is the biggest online travel agency worldwide.[1]

Formerly known as Priceline.com LLC, the company was officially renamed in April 2014 to reflect its evolution to a company with multiple independently-operated brands.[4] Booking.com is the company's "main platform".[1]

In 2014, Darren Huston was named Chief Executive Officer of The Priceline Group, a role previously held by Jeff Boyd.[5] On April 28, 2016, Huston was forced to resign following an extramarital affair. Boyd was named the Interim CEO.[6]

History

In 1997, priceline.com, an online travel site, launched using its signature Name Your Own Price bidding model. In 1999, The Priceline Group underwent its initial public offering and reached $12.9 billion in market value on the first day, the highest first day value for a corporation at the time. This same year, the company also experimented with selling other products and services such as groceries, gasoline, home mortgages, cars, and more through its Name Your Own Price service. This offering was later discontinued in 2000.

Jeff Boyd was named Chief Executive Officer in 2002 and remained in that role until becoming Chairman of the Board for The Priceline Group in 2013.[7]

Acquisitions

In 2004, priceline.com entered the hotel retail space by acquiring a major stake in Travelweb, as well as Active Hotels. In 2005, The Priceline Group purchased Booking.com and merged it with Active Hotels.[8]

In 2007, The Priceline Group then acquired Agoda.com, an Asian-based online hotel retailer.[9]

In 2010, The Priceline Group acquired TravelJigsaw, a multinational rental car service which is known today as rentalcars.com.[10] KAYAK, the travel metasearch engine company, was acquired by The Priceline Group in 2013.[11]

In 2014, The Priceline Group purchased OpenTable in an all-cash deal totaling 2.6 billion dollars.[12]

The Priceline Group also owns Corporate Flights and Rocketmiles, [13] as well as Rideways

References

  1. 1 2 3 Cardenal, Andrés (September 2, 2016). "Why This Analyst Raised His Priceline Group Price Target 22% -- The Motley Fool". The Motley Fool. Retrieved 5 September 2016.
  2. 1 2 "Priceline Group Inc. 10-K report 2015". Securities and Exchange Commission. Retrieved November 6, 2016.
  3. ↑ http://www.pricelinegroup.com/about/contact/
  4. ↑ "Why Priceline Needed a New Name". Business Week. Retrieved 26 December 2014.
  5. ↑ "Darren R. Huston". Investing Business Week. Retrieved 26 December 2014.
  6. ↑ Priceline CEO Resigns After Relationship With Employee
  7. ↑ "Jeff Boyd". Business Insider. Retrieved 24 December 2014.
  8. ↑ "Why Priceline's Purchase of Booking.com Was the Most Profitable Deal of the 2000's". Tnooz. Retrieved 24 December 2014.
  9. ↑ "Priceline.com Acquires Asian Online Hotel Reservation Service Company Agoda". Reuters.com. Retrieved 24 December 2014.
  10. ↑ "Priceline Acquire Car Rental Firm Travel Jigsaw As Part of Expansion Drive". Tnooz. Retrieved 24 December 2014.
  11. ↑ "Priceline Snaps Up Kayak for 1.8 Billion". CNBC.com. Retrieved 24 December 2014.
  12. ↑ "Priceline Reserves OpenTable for 2.6 Billion". Forbes.com.
  13. ↑ "Priceline to acquire Chicago startup Rocketmiles, says report". chicagotribune.com. Retrieved 19 February 2015.


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