The Priceline Group

The Priceline Group Inc.
Public company
Traded as
Industry Travel
Technology
Founded 1997 (1997)
Founder Jay S. Walker
Headquarters Norwalk, Connecticut
Key people
 Glenn D. Fogel, President and CEO[1]
Products Booking.com
Priceline.com
Agoda.com
Kayak.com
Cheapflights
Rentalcars.com
momondo
OpenTable
Revenue Increase US$10.743 billion (2016)[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 pricelinegroup.com

The Priceline Group owns several travel fare aggregators and travel fare metasearch engines including Booking.com, Priceline.com, Agoda.com, Kayak.com, Cheapflights, Rentalcars.com, momondo, and OpenTable. It operates websites in over 40 languages and 200 countries. In 2016, 88% of its bookings were made outside the United States, most of which was generated by 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 The Priceline Group.[1]

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

History

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]

Management

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.[6]

Effective January 1, 2014, Darren Huston was named Chief Executive Officer of the company, replacing Jeff Boyd.[7]

On April 28, 2016, Huston was forced to resign following an extramarital affair and Boyd was named interim CEO.[8]

Effective January 1, 2017, Glenn D. Fogel was named Chief Executive Officer and President.[9]

Acquisitions

# Year Company Price Ref(s).
1 2004 Major stakes in Travelweb and Active Hotels [10]
2 2005 Booking.com [11]
3 2007 Agoda.com [12]
4 2010 TravelJigsaw / rentalcars.com [13]
5 2013 kayak.com $1.8 billion [14]
6 2014 OpenTable $2.6 billion [15]
7 2014 MBuuteeq and Hotel Ninjas $98 Million [16]
8 2015 Rocketmiles [17]
9 2017 Momondo and Cheapflights $550 million [18]

References

  1. 1 2 3 4 5 6 7 8 9 10 11 The Priceline Group Inc. 2016 Form 10-K Annual Report
  2. 1 2 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 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. ↑ Lincoln, Kevin (January 19, 2012). "Meet The Man Who Turned Priceline Into A $24 Billion Company". Business Insider.
  7. ↑ Clampet, Jason (November 7, 2013). "Priceline Replaces CEO With Booking.com Boss". Skift.
  8. ↑ "Priceline Group CEO Darren Huston Resigns; Chairman Jeffery H. Boyd Appointed Interim CEO" (Press release). PR Newswire. April 28, 2016.
  9. ↑ "The Priceline Group Names Glenn Fogel CEO" (Press release). PR Newswire. December 15, 2016.
  10. ↑ "Priceline Posts Profit, Buys Travelweb". The Wall Street Journal. May 3, 2004.(subscription required)
  11. ↑ O'Neill, Sean (October 2, 2012). "Why Priceline's Purchase of Booking.com Was the Most Profitable Deal of the 2000's". Tnooz.
  12. ↑ "Priceline.com Acquires Asian Online Hotel Reservation Service Company Agoda". Reuters. November 8, 2007.
  13. ↑ Schaal, Dennis (May 18, 2010). "Priceline Acquires Car Rental Firm Travel Jigsaw As Part of Expansion Drive". Tnooz.
  14. ↑ Lardinois, Frederic (November 8, 2012). "Priceline.com Acquires Kayak For $1.8 Billion, Will Allow Kayak To Continue To Operate Independently". TechCrunch.
  15. ↑ Sharf, Samantha (June 13, 2014). "Priceline Reserves OpenTable for 2.6 Billion". Forbes.
  16. ↑ Schaal, Dennis (August 11, 2014). "Priceline Group Paid $98 Million for Buuteeq and Hotel Ninjas". Skift.
  17. ↑ Elahi, Amina; Karp, Gregory (February 19, 2015). "Priceline to acquire Chicago startup Rocketmiles, says report". Chicago Tribune.
  18. ↑ "The Priceline Group Completes the Acquisition of Momondo Group" (Press release). PR Newswire. 24 July 2017.
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