US on-line journey procuring firm

Expedia Group is an American on-line journey procuring firm for shopper and small enterprise journey.[4] Its web sites, that are primarily journey fare aggregators and journey metasearch engines, embody CarRentals.com, Expedia.com, HomeAway, Motels.com, Hotwire.com, Orbitz, Travelocity, trivago and Vrbo.[5]

In response to Wealthy Barton, the corporate’s first CEO, the phrase “Expedia” is derived from a mixture of “exploration” and “velocity”.[6]

Historical past[edit]

Based as a division of Microsoft in October 1996,[7] Expedia was spun off right into a public firm in 1999.[8]

In 2001, IAC/InterActiveCorp (identified on the time as USA Networks Inc) purchased a controlling curiosity within the firm for an estimated $1.5 billion.[9]

In 2003, it was totally bought by IAC/InterActiveCorp and have become a part of IAC Journey.[10]. Wealthy Barton resigned as CEO and was changed by Erik Blachford.

In December 2004, IAC introduced plans to spin off IAC Journey into Expedia. Dara Khosrowshahi was introduced as the brand new CEO.

In August 2005, IAC spun off Expedia Inc., which owned its journey group of companies, together with Expedia, Expedia Company Journey (now Egencia), TripAdvisor, Basic Holidays, eLong, Motels.com, and Hotwire.com.[11]

In December 2011, Expedia, Inc. spun out TripAdvisor Media Group, retaining its portfolio of journey transaction manufacturers.[12]

On December 21, 2012, Expedia purchased a majority stake in journey metasearch engine Trivago in a mixed money and inventory deal price €477 million (roughly $630 million).[13]

In 2012, Expedia’s Egencia unit acquired Through Journey, the most important journey firm in Norway.[14]

In 2012, Expedia’s acquired Journey Dream Trip, the journey firm in Mexico for $200 million.

In 2014, Expedia acquired Wotif.com for $658 million.[15]

In January 2015, Expedia acquired Travelocity from Sabre Corp for $280 million. Expedia beforehand partnered with Travelocity to supply the know-how platform for Travelocity’s US and Canada factors of sale.[16]

In 2015, Expedia acquired Orbitz for $1.6 billion in money.[17]

In July 2015, Expedia and Marc Benioff, CEO of Salesforce.com participated in an funding of $11M in Wingz.[18]

In 2015, Expedia purchased HomeAway for $3.9 billion.[19]

In March 2017, Chelsea Clinton was named to the board of Expedia. In her newly named place, Ms. Clinton will get $45,000 a 12 months in money, plus $250,000 a 12 months in inventory vesting over three years.[20]

In August 2017, Mark Okerstrom turned the President and CEO of Expedia, Inc.[21]

In March 2018, Expedia, Inc. introduced that it had modified its title to Expedia Group, Inc.[22]

On Dec. 4, 2019, Mark Okerstrom and Alan Pickerill resigned as CEO and CFO, respectively. At the moment, Expedia Group’s chairman, Barry Diller, took over day-to-day operations, whereas the Chief Technique Officer, Eric Hart, turned appearing CFO.[23]

In February, 2020, Expedia introduced it was chopping 3,000 jobs, roughly 12% of the workforce, citing a “disappointing 2019.” Diller, in his position as appearing CEO, acknowledged the corporate had develop into “sclerotic and bloated” and that staff have been “all life and no work.”[24]

On 23 April 2020, Peter Kern was appointed as CEO of Expedia Group.

Mergers and acquisitions[edit]

Expedia’s first acquisition was Travelscape for US$89.75 million and VacationSpot.com for US$80 million on March 17, 2000. It subsequently acquired Basic Customized Holidays in March 2002 for $78 million. The corporate has made 4 divestments, through which elements of the corporate are offered to a different firm. On December 31, 2000, Expertise Crossover Ventures acquired a 7% minority stake in Expedia for $50 million. IAC acquired a 65% majority stake within the firm on February 5, 2002, for $1.372 billion, and a 12 months later, on August 8, 2003, USA Interactive acquired Expedia for $3.636 billion. Expedia was finally spun off as a separate entity with a worth of $7.981 billion. The corporate made essentially the most acquisitions in 2002 when it acquired three corporations: Basic Customized Holidays, Metropolitan Journey, and Newtrade Applied sciences.[25]

In January 2015, Expedia acquired the web journey company Travelocity from the tech agency Sabre Company for $280 million.[26]

Acquisitions[edit]

Date Firm Enterprise Nation Worth (USD) References
March 17, 2000 Travelscape Web service supplier  United States $89,750,000 [27]
March 17, 2001 Vacationspot Web service supplier  United States $70,850,000 [28]
March 11, 2002 Basic Customized Holidays[note 1] Journey company  United States $78,000,000 [29]
July 11, 2002 Metropolitan Journey Journey company  United States [30]
October 28, 2002 Newtrade Applied sciences Reservation software program  Canada [31]
April 5, 2004 Exercise World Journey and touring  United States [32]
April 12, 2004 Egencia Journey company  France [33]
July 15, 2008 Venere.com Lodge Reserving Engine  Italy 200,000,000 [34]
October 18, 2010 Mobiata Cellular App Developer  United States [35]
April 27, 2012 VIA Journey Journey Administration Firm  Norway [36]
March 12, 2013 trivago GmbH Lodge Metasearch Engine  Germany $564,000,000 [37]
July 6, 2014 Wotif Journey Company  Australia $657,000,000 [38]
January 23, 2015 Travelocity Journey Company  United States $280,000,000 [39]
September 17, 2015 Orbitz Journey Company  United States $1.6×10^9 [40]
November 4, 2015 HomeAway Vacation Rental Service  United States $3.9×10^9 [41]
October 25, 2018 Pillow Quick-Time period Rental Administration  United States [42]
October 25, 2018 ApartmentJet Quick-Time period Rental Administration  United States [43]
August 22, 2019 CanadaStays Vacation Rental Service  Canada [44]

Divestitures[edit]

South Carolina gross sales tax go well with[edit]

On January 18, 2011, Travelscape, a subsidiary of Expedia Inc. primarily based in Las Vegas, was ordered to pay $6.Three million in again gross sales taxes to South Carolina by the state’s supreme courtroom. Travelscape argued that South Carolina’s efforts to tax on-line retailers situated out-of-state violate the Dormant Commerce Clause. In a unanimous ruling, the courtroom decided that the corporate has a presence within the state adequate to be required to gather gross sales tax. Whereas Travelscape doesn’t have bodily services in South Carolina, the courtroom decided that frequent gross sales journeys made by its staff and the truth that the corporate furnished resort rooms within the state set up its presence for tax functions.[49]

Workplace places[edit]

Expedia Group has its headquarters on Elliott Bay in Seattle.

On April 2, 2015, Expedia introduced that it will transfer its headquarters to the Interbay neighborhood of Seattle by the tip of 2018, buying the Amgen campus on the Elliott Bay waterfront for $228.9 million.[50] As a part of the transfer, Expedia is proposing an enlargement of workplace area on the 41-acre (17 ha) campus to 1.23 million sq. toes (114,000 m2) to accommodate staff, designed by ZGF Architects.[51][52]

The transfer was later delayed to 2019, citing some logistical hurdles together with the commute from the Eastside to Seattle in addition to visitors congestion close to the campus.[53] Incentives for workers to hunt different types of transportation have been additionally introduced, with the corporate exploring firm shuttle companies from park and rides in Redmond.[54]

Along with the campus, Expedia gained possession of the Helix bridge, now named Expedia Group Bridge, and a plot of land now used as a transportation hub for Expedia staff.

Accolades[edit]

In 2008, CNN Cash ranked Expedia third within the “Web Providers and Retailing” sector of its record of most admired corporations in the US.[55]

See additionally[edit]

  1. ^ Basic Customized Holidays was acquired from World Trip Group.
  2. ^ Expertise Crossover Ventures acquired a 7% minority stake in Expedia Inc.
  3. ^ USA Networks acquired a 65% majority stake of Expedia Inc.
  4. ^ USA Interactive acquired remaining pursuits in Expedia Inc.
  5. ^ IAC/InterActiveCorp spun off Expedia Inc.

References[edit]

  1. ^ a b c d “Expedia Group Reviews Fourth Quarter and Full Yr 2019 Outcomes”. ir.expediagroup.com. February 13, 2020.
  2. ^ https://www.macrotrends.internet/shares/charts/EXPE/expedia/income
  3. ^ “Expedia Group Firm Profile”. www.craft.co.
  4. ^ “EXPE:NASDAQ GS Inventory Quote – Expedia Group Inc”. Bloomberg.com.
  5. ^ https://www.reuters.com/finance/shares/companyProfile/EXPE.O/ Expedia Group Reuters Profile
  6. ^ “The Expedia Affiliate Program [Full Review]”. June 21, 2018.
  7. ^ “Microsoft Expedia Journey Providers Debuts on the Net”. Tales. October 22, 1996.
  8. ^ Stein, Tom (September 24, 1999). “Microsoft to Spin Off Expedia”. SFGate. Retrieved January 12, 2019.
  9. ^ “USA Networks to purchase management of Expedia”. cash.cnn.com. July 16, 2001. Retrieved January 12, 2019.
  10. ^ Hansell, Saul (March 20, 2003). “Large Holder Shopping for Relaxation Of Expedia In Inventory Deal”. The New York Occasions.
  11. ^ “IAC Completes Spin-Off of Expedia, Inc” (Press launch). PRNewswire. August 9, 2005.
  12. ^ “Expedia, Inc. Completes Spin-off of TripAdvisor, Inc” (Press launch). PRNewswire. December 20, 2011.
  13. ^ Colleen Taylor (December 21, 2012). “Expedia Buys Majority Stake In European Lodge Search Web site Trivago For $632 Million”. TechCrunch.Chapman, Lizette (December 21, 2012). “Expedia Acquires Majority of Trivago in Win for Perception Ventures”. The Wall Avenue Journal. ISSN 0099-9660.“Expedia to amass stake in German resort website”. Reuters. December 21, 2012.
  14. ^ Savitz, Eric (March 27, 2012). “Expedia’s Egencia Unit Buys Norway-based VIA Journey”.
  15. ^ “Expedia Agrees to Purchase Wotif for $658M”. CBS Information. Related Press. July 7, 2014.
  16. ^ Dastin, Jeffrey (January 23, 2015). “Expedia Inc acquires Travelocity in $280 million deal”.
  17. ^ Lunden, Ingrid (February 12, 2015). “Expedia Buys Orbitz For $1.6B In Money To Sq. Up To Priceline”.
  18. ^ Jean-Baptiste Su, Forbes Silicon Valley Contributor (January 25, 2016). “Wingz Raises $11 Million To Disrupt Airport Rides, Plans Nationwide Growth”. Forbes. Retrieved January 25, 2016.
  19. ^ “Expedia to Purchase HomeAway for $3.9 Billion”. The New York Occasions. Related Press. November 4, 2015.
  20. ^ Kelly Riddell (March 20, 2017). “Chelsea Clinton will get $250Okay/12 months Expedia board seat, simply ‘cuz”. Washington Occasions. Retrieved August 8, 2017.
  21. ^ “Expedia, Inc. Proclaims New CEO”. PR Newswire. Related Press. August 30, 2017.
  22. ^ “Expedia, Inc. Proclaims Title Change to Expedia Group, Inc”. Multivu. Related Press. March 26, 2018.
  23. ^ “Expedia boots out CEO and CFO, places Barry Diller in cost”. NBC Information. December 4, 2019.
  24. ^ Rosoff, Matt (February 25, 2020). “Expedia chopping 3,000 jobs following ‘disappointing’ 12 months”. CNBC. Retrieved Could 26, 2020.
  25. ^ “Expedia, Inc. Mergers and Acquisitions”. Thomson Monetary. Retrieved October 31, 2008.
  26. ^ Expedia Inc acquires Travelocity in $280 million deal. Reuters, January 26, 2015
  27. ^ “Expedia Inc acquires Travelscape.com”. Thomson Monetary. March 17, 2000. Retrieved October 28, 2008.
  28. ^ “Expedia Inc acquires Vacationspot.com”. Thomson Monetary. March 17, 2001. Retrieved October 28, 2008.
  29. ^ “Expedia Inc acquires Basic Customized Holidays from World Trip Group Inc”. Thomson Monetary. March 11, 2002. Retrieved October 28, 2008.
  30. ^ “Expedia Inc acquires Metropolitan Journey Inc”. Thomson Monetary. July 11, 2002. Retrieved October 28, 2008.
  31. ^ “Expedia Inc acquires Newtrade Applied sciences Inc”. Thomson Monetary. October 28, 2012. Retrieved October 28, 2008.
  32. ^ “Expedia Inc acquires Exercise World”. Thomson Monetary. April 5, 2004. Retrieved October 28, 2008.
  33. ^ “Expedia Inc acquires Egencia.com”. Thomson Monetary. April 12, 2004. Retrieved October 28, 2008.
  34. ^ “Expedia acquires Venere however what does it imply? Expedia acquires Venere however what does it imply?”. Mediaroom.Expedia. Archived from the unique on July 22, 2008. Retrieved July 17, 2008.
  35. ^ “Expedia Inc acquires Mobiata LLC”. Thomson Monetary. October 18, 2010. Retrieved June 6, 2011.
  36. ^ “Egencia Completes Acquisition of Nordic Journey Administration Firm VIA Journey”. Could 3, 2012. Archived from the unique on January 16, 2013. Retrieved August 14, 2012.
  37. ^ “Press Launch”.
  38. ^ “Expedia Scores $703M Deal for Australia’s Wotif (2014/07/07)”. FOXBusiness. Retrieved July 7, 2014.[permanent dead link]
  39. ^ “Expedia Buys Travelocity for 280 Million in Money”. Techcrunch. Retrieved January 23, 2015.
  40. ^ “Expedia begins integration of Orbitz after deal closes”. Reuters.
  41. ^ Lardinois, Frederic. “Expedia Acquires Airbnb Rival HomeAway For $3.9B”. TechCrunch. Retrieved November 5, 2015.
  42. ^ Al-Muslim, Aisha (October 25, 2018). “Expedia Buys Pillow and ApartmentJet, Strikes Extra Into Airbnb’s Turf”. wsj.com. The Wall Avenue Journal. Retrieved October 26, 2018.
  43. ^ Levy, Nat (October 25, 2018). “Expedia acquires 2 startups that make it simpler to record flats on HomeAway”. GeekWire. Retrieved October 26, 2018.
  44. ^ Menze, Jill (August 22, 2019). “Expedia Group totally acquires CanadaStays to spice up trip rental presence up north”. Phocuswire.
  45. ^ “Expertise Crossover Ventures acquires a minority stake in Expedia Inc from Microsoft Corp (2000/12/31)”. Thomson Monetary. Retrieved October 28, 2008.
  46. ^ “USA Networks Inc acquires Expedia Inc from Microsoft Corp”. Thomson Monetary. February 5, 2002. Retrieved October 28, 2008.
  47. ^ “USA Interactive acquires remaining curiosity in Expedia Inc from USA Networks Inc”. Thomson Monetary. August 8, 2003. Retrieved October 28, 2008.
  48. ^ “IAC/InterActiveCorp spins off Expedia Inc”. Thomson Monetary. August 9, 2005. Retrieved October 28, 2008.
  49. ^ Travelscape informed to pay again sales-tax income, by Valerie Miller, Las Vegas Enterprise Press, January 31, 2011,
  50. ^ Workplace of Mayor Ed Murray (April 2, 2015). “Mayor Murray proclaims Expedia, Inc. headquarters will transfer to Seattle” (Press launch). Workplace of the Mayor of Seattle. Retrieved December 5, 2015.“Expedia’s new Seattle HQ could have 4,500 staff in a number of years”. The Seattle Occasions. April 2, 2015. Retrieved December 5, 2015.“Expedia Proclaims Plans for New Headquarters in Seattle” (Press launch). Expedia, Inc. April 2, 2015. Retrieved December 5, 2015.
  51. ^ “Expedia clears main planning milestone in preparation for 2019 HQ transfer to Seattle”. GeekWire. June 14, 2017.
  52. ^ Bhatt, Sanjay (August 6, 2015). “Expedia has long-term plan to vastly increase new campus”. The Seattle Occasions. Retrieved December 5, 2015.“Expedia picks BCJ to design new HQ”. Seattle Each day Journal of Commerce. August 4, 2015. Retrieved December 5, 2015.
  53. ^ Demmitt, Jacob (September 23, 2015). “Expedia pushes again goal date for Seattle transfer till 2019, will check new commuter shuttle”. GeekWire. Retrieved December 5, 2015.
  54. ^ Bhatt, Sanjay (September 24, 2015). “Expedia affords incentives to scale back workers solo commutes”. The Seattle Occasions. Retrieved December 5, 2015.
  55. ^ “America’s Most Admired Corporations 2008: Business: Web Providers, Retailing”. CNN.

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