Expedia Group is an American global travel technology company. Its websites, which are primarily travel fare aggregators and travel metasearch engines, include Expedia.com, Hotels.com, Hotwire.com, CarRentals.com, CheapTickets (Expedia's only provider of event tickets), trivago, Venere.com, Travelocity, Orbitz, and HomeAway.
According to Rich Barton, the company's first CEO, the word "Expedia" is derived from a combination of exploration and speed.
Video Expedia Group
History
Founded as a division of Microsoft in October 1996, Expedia was spun off in 1999.
In 2003, it was purchased by IAC/InterActiveCorp.
In August 2005, IAC spun off Expedia Inc., which owned its travel group of businesses, including Expedia, Expedia Corporate Travel (now Egencia), TripAdvisor, Classic Vacations, eLong, Hotels.com, and Hotwire.com.
In December 2011, Expedia, Inc. spin out TripAdvisor Media Group, retaining its portfolio of travel transaction brands.
On December 21, 2012, Expedia bought a majority stake in travel metasearch engine Trivago in a combined cash and stock deal worth EUR477 million (approximately $630 million).
In 2012, Expedia's Egencia unit acquired Via Travel, the largest travel company in Norway. The acquisition boosted Expedia's total sales, making it the top earning travel company for 2013.
In 2014, Expedia acquired Wotif.com for $658 million.
In January 2015, Expedia acquired Travelocity from Sabre Corp for $280 million. Expedia previously partnered with Travelocity to provide the technology platform for Travelocity's US and Canada points of sale.
In 2015, Expedia acquired Orbitz for $1.2 billion in cash.
In July 2015, Expedia and Marc Benioff, CEO of Salesforce.com participated in an investment of $11M in Wingz.
In 2015, Expedia bought HomeAway for $3.9 billion.
In March 2017, Chelsea Clinton was named to the board of Expedia. In her newly named position, Mrs. Clinton will get $45,000 a year in cash, plus $250,000 a year in stock vesting over three years.
In August 2017, Mark Okerstrom became the President and CEO of Expedia, Inc.
In March 2018, Expedia, Inc. announced it was changing its name to Expedia Group.
Mergers and acquisitions
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 Classic Custom Vacations in March 2002 for $78 million. The company has made four divestments, in which parts of the company are sold to another company. On December 31, 2000, Technology Crossover Ventures acquired a 7% minority stake in Expedia for $50 million. IAC acquired a 65% majority stake in the company on February 5, 2002, for $1.372 billion, and a year later, on August 8, 2003, USA Interactive acquired Expedia for $3.636 billion. Expedia was ultimately spun off as a separate entity with a value of $7.981 billion. The company made the most acquisitions in 2002, when it acquired three companies: Classic Custom Vacations, Metropolitan Travel, and Newtrade Technologies.
In January 2015, Expedia acquired the online travel agency Travelocity from the tech firm Sabre Corporation for $280 million.
Acquisitions
Divestitures
South Carolina sales tax suit
On January 18, 2011 Travelscape, a subsidiary of Expedia Inc. based in Las Vegas, was ordered to pay $6.3 million in back sales taxes to South Carolina by the state's supreme court. Travelscape argued that South Carolina's efforts to tax online retailers located out-of-state violate the Dormant Commerce Clause. In a unanimous ruling the court determined that the company has a presence in the state sufficient to be required to collect sales tax. While Travelscape does not have physical facilities in South Carolina, the court determined that frequent sales trips made by its employees and the fact that the company furnished hotel rooms in the state establish its presence for tax purposes.
Maps Expedia Group
Office locations
Expedia Inc. maintains headquarters in downtown Bellevue, Washington, in a building named the Expedia Building. Expedia occupies floors 3 to 19 (and part of 20) of the 20 floor building, which completed construction in 2008. Initially, it was widely speculated that Google wanted to occupy most of the building, but a crane accident in 2006 caused delay and Google backed out of the project.
On April 2, 2015, Expedia announced that it would move its headquarters to the Interbay neighborhood of Seattle by the end 2018, purchasing the Amgen campus on the Elliott Bay waterfront for $228.9 million. As part of the move, Expedia is proposing an expansion of office space at the 41-acre (17 ha) campus to 1.23 million square feet (114,000 m2) to accommodate 4,500 employees, designed by Bohlin Cywinski Jackson.
The move was later delayed to 2019, citing some logistical hurdles including the commute from the Eastside to Seattle as well as traffic congestion near the campus. Incentives for employees to seek alternative forms of transportation were also announced, with the company exploring company shuttle services from park and rides in Redmond.
Accolades
In 2008, Expedia was named to the most admired Internet companies in the United States list, released by Fortune. Expedia ranked third, after IAC and Google, and was followed by Amazon.com at fourth place. National Travel, an affiliate of American Express Travel, announced it has added Expedia Vacations to its suite of travel vendors.
For 2008, Expedia was ranked #3 in the Internet Service/Retailing industry on Fortune Most Admired List, and was included in the list of most-admired companies in the state of Washington.
In 2008 Expedia Inc. was named one of "America's Best Managed Companies" by Forbes, its list of the 400 best managed, public American companies with $1 billion or more in revenues included Expedia for the first time.
See also
- Companies portal
Notes
References
External links
- Company homepage
Source of the article : Wikipedia
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