The Price is Right for Agoda
BANGKOK – Priceline.com has acquired Bangkok and Singapore-based Agoda Company, the online travel company specialising in hotel discount bookings throughout Asia.
The transaction includes an initial cash payment and a multi-year, performance-based earn-out.
Priceline.com said it intends to retain Agoda’s current management team, who will continue to manage Agoda’s operations independently as part of priceline.com’s international business.
In addition to its transactional offerings, Agoda maintains a broad suite of content features, including customer hotel reviews, travel tips, journals and other user-generated content.
“We believe that Agoda, while relatively small today, will be an important part of priceline.com’s expansion into Asia,” said priceline.com president and CEO, Jeffery Boyd.
Glenn Fogel, priceline.com’s managing director, corporate development and international, said that online travel was still a relatively nascent industry in many Asian countries.
“However, we believe the time is right for priceline.com to begin growing our presence in the Asia Pacific region, and Agoda gives us the ability to do so.”
Agoda’s gross bookings for 2007 year to date through October 31, 2007 were approximately US$36 million, an increase of 122 percent over a year ago. Gross bookings refer to the total dollar value inclusive of taxes and fees of all hotel room nights purchased by consumers.
Ian Jarrett
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