Booking Holdings

Booking Holdings Inc. is an American travel technology company incorporated under Delaware General Corporation Law 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.

Booking Holdings Inc.
Formerly
  • Priceline.com Incorporated (1998–2014)
  • The Priceline Group Inc. (2014–2018)
TypePublic company
Industry
Founded1996 (1996)[1]
FounderJay S. Walker
Headquarters
Norwalk, Connecticut
,
U.S.
Key people
Glenn D. Fogel
(Director and CEO)
David I. Goulden (CFO)
Peter J. Millones, Jr.(General Counsel)
Paulo Pisano (CHRO)
Products
RevenueIncrease US$17.09 billion (2022)
Increase US$5.102 billion (2022)
Increase US$3.058 billion (2022)
Total assetsIncrease US$25.36 billion (2022)
Total equityDecrease US$2.782 billion (2022)
Number of employees
Increase c. 21,600 (2022)
Websitebookingholdings.com
Footnotes / references
[2]

The company ranked 340th on the 2022 Fortune 500 list of the largest United States corporations by revenue.[3]

History

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.[4]

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.[5][4]

The company experimented with selling other products and services such as groceries, gasoline, home mortgages, and cars, but these offerings were discontinued in 2000.[6][7]

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.[8]

In August 2017, KAYAK acquired the assets of Mundi, a Brazilian metasearch company.[9][10]

On February 21, 2018, the name of the company was changed from The Priceline Group Inc. to Booking Holdings.[11][12] On February 27, 2018, the company changed its ticker symbol from "PCLN" to "BKNG".

In 2021, Booking Holdings announced its intention to acquire Etraveli Group AB, the operator of the website GoToGate, and hotel distributor Getaroom, for €1.63 billion.[13] The Government of the United Kingdom's Competition and Markets Authority has launched an enquiry into the acquisition, and as of November 2022, Booking Holdings is continuing to defend its proposed acquisition.[14][15]

Management and finances

CEOs

Jeffery H. Boyd was named chief executive officer in 2002 and remained in that role until becoming chairman of the board for Booking Holdings in 2013.[16]

Effective January 1, 2014, Darren Huston was named chief executive officer of the company, replacing Jeff Boyd.[17] On April 28, 2016, Huston was forced to resign following an undisclosed personal relationship with an employee, and Boyd was named interim CEO.[18]

Effective January 1, 2017, Glenn D. Fogel was named chief executive officer and president.[19]

Revenue sources and statistics

In 2017, 89% of its gross profit was made outside the United States– most of which came from Booking.com.[2][20]

In 2022, consumers booked 896 million room nights of accommodation, 62 million rental car days, and 23 million airplane tickets using websites owned by Booking Holdings.[2]: 47 

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

Acquisitions
# Year Company Price Ref(s).
1997 Priceline.com [21]
1 2004 Major stakes in Travelweb and Active Hotels [22]
2 2005 Booking.com $133 million [21]
3 2007 Agoda.com [23]
4 2010 TravelJigsaw / Rentalcars.com [24]
5 2013 Kayak.com $1.8 billion [25]
6 2014 OpenTable $2.6 billion [26]
7 2014 Buuteeq and Hotel Ninjas $98 million [27]
8 2015 Rocketmiles [28]
9 2017 Momondo and Cheapflights $550 million [8]
10 2017 Mundi [29]
11 2018 FareHarbor $250 million [30]
12 2018 Minority stake in DiDi $500 million [31]
13 2018 HotelsCombined $140 million [32]
14 2019 Venga [33]
15 2022 Getaroom 1.2 billion [34]
16 2022 Etraveli (GoToGate, pending) 1.83 billion [35]

References
  1. "Booking.com: The largest selection of hotels, homes, and vacation rentals". Booking.com.
  2. "Booking Holdings 2022 Annual Report Form (10-K)". U.S. Securities and Exchange Commission. February 23, 2023.
  3. "Booking Holdings". Fortune. Archived from the original on April 24, 2019. Retrieved July 10, 2022.
  4. Weber, Thomas E.; Petersen, Andrea (April 1, 1999). "Priceline's Initial Public Offering Turns Founder Into Billionaire". The Wall Street Journal.(subscription required)
  5. Piskora, Beth (March 31, 1999). "Priceline Blasts Off – Online Ticketing Enterprise IPO Up 3 331%". The New York Post.
  6. Brooks, Nancy Rivera (October 5, 2000). "Priceline.com to Put Gas Up for Bid on Web". Los Angeles Times.
  7. "Priceline Runs Out of Gas, Groceries". CBS News. February 26, 2000.
  8. "The Priceline Group Completes the Acquisition of Momondo Group" (Press release). PR Newswire. 24 July 2017.
  9. McDonald, Michele (3 August 2017). "Kayak acquires Brazilian travel metasearch site Mundi". Phocuswire.
  10. O'Neill, Sean (4 August 2017). "Kayak Acquires Assets of Struggling Brazilian Metasearch Company Mundi". Skift.
  11. Josephs, Leslie (21 February 2018). "Online travel giant Priceline Group changes name to Booking Holdings". CNBC.
  12. VANIAN, JONATHAN (21 February 2018). "Why Priceline Group Is Changing Its Name to Booking Holdings". Fortune.
  13. "Booking Holdings acquires ETraveli Group for €1.6 billion | PhocusWire". www.phocuswire.com. Retrieved 2022-08-06.
  14. "Booking Holdings Inc / eTraveli Group AB merger inquiry". GOV.UK. Retrieved 2022-08-06.
  15. "Online Travel Update: Booking Holdings Presses Ahead With Etraveli Acquisition". JD Supra. Retrieved 2022-11-15.
  16. Lincoln, Kevin (January 19, 2012). "Meet The Man Who Turned Priceline Into A $24 Billion Company". Business Insider.
  17. Clampet, Jason (November 7, 2013). "Priceline Replaces CEO With Booking.com Boss". Skift.
  18. "Priceline Group CEO Darren Huston Resigns; Chairman Jeffery H. Boyd Appointed Interim CEO" (Press release). PR Newswire. April 28, 2016.
  19. "The Priceline Group Names Glenn Fogel CEO" (Press release). PR Newswire. December 15, 2016.
  20. "How Does Booking.com Work for Hotel Owners And Property Managers". Stasher. 11 March 2019. Retrieved 17 November 2019.
  21. O'Neill, Sean (October 2, 2012). "Why Priceline's Purchase of Booking.com Was the Most Profitable Deal of the 2000s". Phocuswire.
  22. "Priceline Posts Profit, Buys Travelweb". The Wall Street Journal. May 3, 2004.(subscription required)
  23. "Priceline.com Acquires Asian Online Hotel Reservation Service Company Agoda". Reuters. November 8, 2007.
  24. Schaal, Dennis (May 18, 2010). "Priceline Acquires Car Rental Firm Travel Jigsaw As Part of Expansion Drive". Phocuswire.
  25. Lardinois, Frederic (November 8, 2012). "Priceline.com Acquires Kayak For $1.8 Billion, Will Allow Kayak To Continue To Operate Independently". TechCrunch.
  26. Sharf, Samantha (June 13, 2014). "Priceline Reserves OpenTable for 2.6 Billion". Forbes.
  27. Schaal, Dennis (August 11, 2014). "Priceline Group Paid $98 Million for Buuteeq and Hotel Ninjas". Skift.
  28. Elahi, Amina; Karp, Gregory (2015-02-19). "Priceline to acquire Chicago startup Rocketmiles, says report". Chicago Tribune. Retrieved 2021-10-21.
  29. O'Neill, Sean (4 August 2017). "Kayak Acquires Assets of Struggling Brazilian Metasearch Company Mundi". Skift.
  30. "Booking Holdings Announces it has Signed an Agreement to Acquire FareHarbor". Cision PS newswire. 19 April 2018. Retrieved 11 February 2019.
  31. "The corporation formerly known as Priceline just invested half a billion in DiDi Chuxing". The Hustle. 18 July 2018. Retrieved 27 July 2018.
  32. "Booking Holdings Inc. QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934". The Hustle. 30 June 2018. Retrieved 11 February 2019.
  33. "Booking Holdings Agrees to Acquire Venga". Cision PR Newswire. 2019-05-02. Retrieved 8 May 2019.
  34. "Booking Holdings Enters into Agreement to Acquire Getaroom | Booking Holdings".
  35. "Booking to buy Swedish travel agency Etraveli for $1.83 billion". Reuters. 2021-11-23. Retrieved 2023-03-01.
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