Booking Holdings

Booking Holdings Inc. is an American travel technology company organized in Delaware 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
IndustryTravel
Technology
Founded1996; 25 years ago (1996)[1]
FounderJay S. Walker
Headquarters,
U.S.
Key people
Glenn D. Fogel
(Director and CEO)
David I. Goulden (CFO)
Peter J. Millones, Jr.(General Counsel)
Paulo Pisano (CHRO)
ProductsBooking.com
Priceline.com
Agoda.com
Kayak.com
Cheapflights
Rentalcars.com
momondo
Mundi
OpenTable
RevenueDecrease US $6.79 billion (2020) [2]
Decrease US$631 million (2020)
DecreaseUS $59 million (2020) [3]
Total assetsIncrease US$21.874 billion (2020)[4]
Total equityDecrease US$5.933 billion (2019)
Number of employees
Decrease19,400 (2020)
Websitebookingholdings.com
Footnotes / references
[5]

In 2017, 89% of its gross profit was made outside the United States – most of which used Booking.com.[5]

In 2019, consumers booked 845 million room nights of accommodation, 77 million rental car days, and 7 million airplane tickets using websites owned by Booking Holdings.[5]

In 2017, 93.4% of revenues were derived from commissions and 6.6% of revenues were derived from advertising.[5]

The company ranked 216th on the 2019 Fortune 500 list of the largest United States corporations by revenue.[6]

HistoryEdit

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.[7]

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.[8][7]

The company experimented with selling other products and services such as groceries, gasoline, home mortgages, and cars, but these offerings were discontinued in 2000.[9][10]

On April 1, 2014, the name of the company was changed from priceline.com Incorporated to The Priceline Group Inc.[5]

In July 2017, the company acquired the Momondo Group.[11]

In August 2017, KAYAK acquired the assets of Mundi, a Brazilian metasearch company.[12][13]

On February 21, 2018, the name of the company was changed from The Priceline Group Inc. to Booking Holdings.[14][15] On February 27, 2018, the company changed its ticker symbol from "PCLN" to "BKNG".

ManagementEdit

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 extramarital affair and Boyd was named interim CEO.[18]

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

AcquisitionsEdit

# Year Company Price Ref(s).
1997 Priceline.com [20]
1 2004 Major stakes in Travelweb and Active Hotels [21]
2 2005 Booking.com $133 million [20]
3 2007 Agoda.com [22]
4 2010 TravelJigsaw / Rentalcars.com [23]
5 2013 Kayak.com $1.8 billion [24]
6 2014 OpenTable $2.6 billion [25]
7 2014 Buuteeq and Hotel Ninjas $98 million [26]
8 2015 Rocketmiles [27]
9 2017 Momondo and Cheapflights $550 million [11]
10 2017 Mundi [28]
11 2018 FareHarbor $250 million [29]
12 2018 Minority stake in DiDi $500 million [30]
13 2018 HotelsCombined $140 million [31]
14 2019 Venga [32]

CriticismEdit

Involvement in Israeli settlementsEdit

On 12 February 2020, the United Nations published a database of all business enterprises involved in certain specified activities related to the Israeli settlements in the Occupied Palestinian Territories, including East Jerusalem, and in the occupied Golan Heights.[33][34] Booking Holdings and its subsidiary, Booking.com, have been listed on the database in light of their involvement in activities related to "the provision of services and utilities supporting the maintenance and existence of settlements".[33][34] The international community considers Israeli settlements built on land occupied by Israel to be in violation of international law.[35][36][37]

ReferencesEdit

  1. ^ "Booking.com: The largest selection of hotels, homes, and vacation rentals". Booking.com.
  2. ^ "Booking Holdings Revenue 2006-2021 | BKNG". www.macrotrends.net.
  3. ^ "Booking Holdings Net Income 2006-2021 | BKNG". www.macrotrends.net.
  4. ^ "Booking Holdings Total Assets 2006-2021 | BKNG". www.macrotrends.net.
  5. ^ a b c d e "Booking Holdings 2019 Annual Report Form (10-K)". U.S. Securities and Exchange Commission. February 26, 2020. Retrieved April 23, 2020.
  6. ^ "Booking Holdings". Fortune.
  7. ^ 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)
  8. ^ Piskora, Beth (March 31, 1999). "Priceline Blasts Off – Online Ticketing Enterprise IPO Up 3 331%". The New York Post.
  9. ^ Brooks, Nancy Rivera (October 5, 2000). "Priceline.com to Put Gas Up for Bid on Web". Los Angeles Times.
  10. ^ "Priceline Runs Out of Gas, Groceries". CBS News. February 26, 2000.
  11. ^ a b "The Priceline Group Completes the Acquisition of Momondo Group" (Press release). PR Newswire. 24 July 2017.
  12. ^ McDonald, Michele (3 August 2017). "Kayak acquires Brazilian travel metasearch site Mundi". Phocuswire.
  13. ^ O'Neill, Sean (4 August 2017). "Kayak Acquires Assets of Struggling Brazilian Metasearch Company Mundi". Skift.
  14. ^ Josephs, Leslie (21 February 2018). "Online travel giant Priceline Group changes name to Booking Holdings". CNBC.
  15. ^ VANIAN, JONATHAN (21 February 2018). "Why Priceline Group Is Changing Its Name to Booking Holdings". Fortune.
  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. ^ a b O'Neill, Sean (October 2, 2012). "Why Priceline's Purchase of Booking.com Was the Most Profitable Deal of the 2000s". Phocuswire.
  21. ^ "Priceline Posts Profit, Buys Travelweb". The Wall Street Journal. May 3, 2004.(subscription required)
  22. ^ "Priceline.com Acquires Asian Online Hotel Reservation Service Company Agoda". Reuters. November 8, 2007.
  23. ^ Schaal, Dennis (May 18, 2010). "Priceline Acquires Car Rental Firm Travel Jigsaw As Part of Expansion Drive". Phocuswire.
  24. ^ Lardinois, Frederic (November 8, 2012). "Priceline.com Acquires Kayak For $1.8 Billion, Will Allow Kayak To Continue To Operate Independently". TechCrunch.
  25. ^ Sharf, Samantha (June 13, 2014). "Priceline Reserves OpenTable for 2.6 Billion". Forbes.
  26. ^ Schaal, Dennis (August 11, 2014). "Priceline Group Paid $98 Million for Buuteeq and Hotel Ninjas". Skift.
  27. ^ Elahi, Amina; Karp, Gregory (February 19, 2015). "Priceline to acquire Chicago startup Rocketmiles, says report". Chicago Tribune.
  28. ^ O'Neill, Sean (4 August 2017). "Kayak Acquires Assets of Struggling Brazilian Metasearch Company Mundi". Skift.
  29. ^ "Booking Holdings Announces it has Signed an Agreement to Acquire FareHarbor". Cision PS newswire. 19 April 2018. Retrieved 11 February 2019.
  30. ^ "The corporation formerly known as Priceline just invested half a billion in DiDi Chuxing". The Hustle. 18 July 2018. Retrieved 27 July 2018.
  31. ^ "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.
  32. ^ "Booking Holdings Agrees to Acquire Venga". Cision PR Newswire. 2019-05-02. Retrieved 8 May 2019.
  33. ^ a b "UN rights office issues report on business activities related to settlements in the Occupied Palestinian Territory". Office of the United Nations High Commissioner for Human Rights. 12 February 2020. Retrieved 5 July 2021.
  34. ^ a b "Database of all business enterprises involved in certain activities relating to Israeli settlements in East Jerusalem and the West Bank (A/HRC/43/71)". ReliefWeb. 14 February 2020. Retrieved 5 July 2021.
  35. ^ "S/RES/2334(2016)". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
  36. ^ "Legal Consequences of the Construction of a Wall in the Occupied Palestinian Territory" (PDF). International Court of Justice. 9 July 2004. Retrieved 5 July 2021.
  37. ^ "Conference of High Contracting Parties to the Fourth Geneva Convention". International Committee of the Red Cross. 5 December 2001. Retrieved 5 July 2021.

External linksEdit