Booking Holdings Inc. (NASDAQ: BKNG) was established in 1997, formerly known as The Priceline Group Inc. (previously known as Priceline.com LLC, and changed to The Priceline Group Inc. in April 2014). Changed to current name in February 2018, headquartered in Norwalk, Connecticut, USA, with 26,400 full-time employees. It is an Internet-based travel service provider that provides air tickets, hotel rooms, air tickets and hotel packages, and travel insurance to its customers. It is the world’s largest online travel service provider and its car rental ordering service. It owns Booking.com, priceline.com, Agoda.com and TravelJigsaw (car rental) brands.
Booking Holdings Inc. (BKNG):
Booking Holdings provides online suppliers of travel-related services for consumers and local manufacturers through its six brands: Booking.com, Priceline.com, Accord, KAYAK, rentalcars.com and OpenTable. Booking Holdings operates in more than 200 countries and supports more than 40 languages in the Americas, Europe, Asia, and the Middle East.
The Priceline Group Inc. was changed to Booking Holdings Inc. in February 2018. Priceline is a travel service website based on a C2B business model founded by Jay Walker in 1998. It is currently the largest online travel company in the United States. On the Priceline website, the most intuitive options are air tickets, hotels, car rentals, and travel insurance. Priceline is a typical online broker. It provides an information platform for buyers and sellers to facilitate transactions and at the same time withdraw a certain commission ( Gowhere is based on its model imitation).
In 2004, Priceline.com entered the hotel retail sector by acquiring major shares in Travelwen and Active Hotels. In 2005, Priceline Group acquired Booking.com (Booking.com) and merged it with Active Hotels. The Priceline Group acquired Accord in 2007. In 2010, they acquired TravelJigsaw (now rentalcars.com), a multinational car rental service provider, and KAYAK was acquired in 2013. In 2014, Priceline Group acquired OpenTable for 2.6 billion in cash. The Priceline Group is also Group also owns Corporate Flights.
Booking Holdings Inc. (BKNG) History:
- In 1998, American Jay Walker founded Priceline and registered a patent for its core business model “Name Your Price (user bid).” With its distinctive business model, Priceline quickly received $100 million in financing, and Priceline’s early investors even included heavyweights such as Microsoft’s co-founder Paul Allen.
- In the first quarter of 1999, Priceline sold 195,000 tickets, and the highest peak sold 6,000 tickets a day. 18 airlines joined Priceline’s off-season ticket sales program.
- In March 1999, Priceline IPO, as soon as it went public on Nasdaq, was enthusiastically sought after by investors. In just a few weeks, the company’s stock price rose by more than $160 from $80 at the time of listing. However, when the Internet bubble burst in 2000, this rising star, which had not yet achieved profitability, quickly fell, and its stock price fell to less than $2.
- In February 2001, Li Ka-shing’s Cheung Kong Holdings and Hutchison Whampoa spent US$73.52 million to obtain 17.54% of Priceline’s equity (and gradually increase their holdings by more than 30%), becoming Priceline’s largest shareholders. Li Ka-shing immediately began to implement reform measures to reduce operating costs. Priceline laid off more than 30% of its staff, reduced the office space by 70%, suspends the expansion of new business, and focuses the company’s energy on air tickets and hotel reservation services.
- After 2003, the overall market environment gradually improved, and Priceline finally ushered in new development opportunities. Priceline’s rapid growth since then, in addition to its unique “Name Your Price” model, is also due to its shrewd expansion strategy.
- In May 2004, Priceline acquired Manchester’s car rental website traveljigsaw.com and reorganized it into rentalcars.com.
- In September 2004, Priceline spent US$161 million to acquire Active Hotels, a British online hotel reservation service company, and officially entered the European market.
- In July 2005, Priceline continued its expansion in Europe and acquired the Dutch hotel reservation website Bookings BV for US$133 million. Since then, Priceline has further integrated Active Hotels and Bookings BV into Booking. Booking has developed into Europe’s largest online travel website.
- In November 2007, Priceline acquired Agoda (Jakarta, founded by founder Michael Kenny in 1990), an online hotel booking company based in Bangkok and Singapore, to open up the Asian market.
- In May 2010, in order to strengthen its car rental business, Priceline acquired Manchester’s car rental website Travel Jigsaw, and the pace of expansion has not stopped. Overseas orders have exceeded 60% of Priceline’s total orders, which is much higher than Expedia’s 30%.
- On November 9, 2012, Priceline announced the acquisition of Kayak Software, a travel search engine, for US$1.8 billion.
- In 2014, Priceline acquired OpenTable for US$2.6 billion (OpenTable is one of Apple ’s partners, which provides support for Apple’s Siri reservation function. OpenTable is also a well-known online food ordering website in the United States, and it is also a Software-as-a-Service (SaaS, software as a service) company).
- In 2014, Priceline acquired Buuteeq and Hotel Ninjas for US$98 million and merged to form Booking Suite.
- In April 2014, Priceline.com Co., Ltd. changed its name to Priceline Group to echo the company’s independent brands.
- In 2015, Priceline acquired Rocketmiles.
- In 2017, Priceline acquired Momondo and Cheapflights for $550 million.
- In 2017, Priceline acquired Mundi.
- On February 22, 2018, Priceline Group, the world’s largest online travel group, announced that the company had changed its name to Booking Holdings Inc. After the name change, the company headquarters will remain in Norwalk, Connecticut, USA. The company’s stock code will be changed to “BKNG”, effective February 27.