The Priceline Group
 | |
| Public | |
| Traded as |
NASDAQ: PCLN NASDAQ-100 Component S&P 500 Component |
| Industry |
Travel Technology |
| 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 |
| Website |
www |
The Priceline Group is a provider of online travel & related services to consumers and local partners in over 200 countries 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 Europe, North America, South America, the Asia-Pacific region, the Middle East and Africa in over 40 languages.
Formerly known as Priceline.com LLC, the company was officially renamed in April 2014 to reflect its evolution as a company with multiple independently-operated brands.[1] In 2014, Darren Huston was named Chief Executive Officer of The Priceline Group, a role previously held by Jeff Boyd.[2] On April 28, 2016, Huston was forced to resign following an extramarital affair. Boyd was named the Interim CEO.[3]
History
In 1997, priceline.com, an online travel site, used its 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.[4]
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.[5] The Priceline Group then acquired Agoda.com in 2007, an Asian-based online hotel retailer.[6] In 2010, The Priceline Group acquired TravelJigsaw, a multinational rental car service which is known today as rentalcars.com.[7] KAYAK, the meta travel search company, was acquired by The Priceline Group in 2013.[8] In 2014, The Priceline Group purchased OpenTable in an all-cash deal totaling 2.6 billion dollars.[9] The Priceline Group also owns Corporate Flights.
References
- ↑ "Why Priceline Needed a New Name". Business Week. Retrieved 26 December 2014.
- ↑ "Darren R. Huston". Investing Business Week. Retrieved 26 December 2014.
- ↑ Priceline CEO Resigns After Relationship With Employee
- ↑ "Jeff Boyd". Business Insider. Retrieved 24 December 2014.
- ↑ "Why Priceline's Purchase of Booking.com Was the Most Profitable Deal of the 2000's". Tnooz. Retrieved 24 December 2014.
- ↑ "Priceline.com Acquires Asian Online Hotel Reservation Service Company Agoda". Reuters.com. Retrieved 24 December 2014.
- ↑ "Priceline Acquire Car Rental Firm Travel Jigsaw As Part of Expansion Drive". Tnooz. Retrieved 24 December 2014.
- ↑ "Priceline Snaps Up Kayak for 1.8 Billion". CNBC.com. Retrieved 24 December 2014.
- ↑ "Priceline Reserves OpenTable for 2.6 Billion". Forbes.com.