|[November 09, 2012]
IVP Portfolio Company KAYAK Acquired by Priceline.com for 1.8 Billion
MENLO PARK, Calif. --(Business Wire)--
Venture Partners (IVP) portfolio company KAYAK
Software Corporation (NASDAQ:KYAK) has signed a definitive agreement
to be acquired by Priceline.com
Incorporated (NASDAQ:PCLN) in a stock and cash transaction.
Under the terms of the agreement, the transaction values KAYAK at $1.8
billion ($1.65 billion net of cash acquired) or $40 per share of KAYAK,
with Priceline paying approximately $500 million of the consideration in
cash and $1.3 billion in equity and assumed stock options. The board of
directors of both companies approved the transaction, which is subject
to KAYAK shareholder approval, customary closing conditions, and
regulatory approval. The transaction is expected to close by late 1st
quarter 2013. KAYAK's current management team will continue to manage
KAYAK's operations independently as part of the Priceline Group of
KAYAK is a leading travel research site that allows people to easily
compare hundreds of travel sites at once when searching for flights,
hotels, and rental cars, and gives travelers choices on where to book.
The company processes over 100 million user queries each month through
its global websites and best-in-class mobile applications.
"Steve Hafner, Paul English and the rest of the Kayak team have done
a phenomenal job of building Kayak into a fantastic resource for
travelers," said IVP general partner Todd Chaffee. "This
investment reminds us, once again, that great management teams are
almost always the key to great investment returns in our business."
IVP has invested in over 300 companies, 93 of which have gone public.
KAYAK went public on July 20th at $26.00 per share and was the 91st
company from IVP's portfolio to go public.
About Institutional Venture Partners (IVP)
With $4 billion of committed capital, Institutional Venture Partners
(IVP)is a premier later-stage venture capital and growth equity firm in
the United States. Founded in 1980, IVP has invested in over 300
companies, 93 of which have gone public. IVP is one of the top
performing firms in the industry and has a 32-year IRR of 43.2%. IVP
specializes in venture growth investments, industry rollups, founder
liquidity transactions, and select public market investments. Since its
inception, IVP investments include such notable companies as ArcSight
(HPQ), Buddy Media (CRM), ComScore (SCOR), Concur Technologies (CNQR),
Dropbox (News - Alert), HomeAway (AWAY), Juniper Networks (JNPR), Kayak (KYAK),
LegalZoom, LifeLock (LOCK), LivingSocial, Marketo, MySQL (ORCL), Netflix
(NFLX), Polycom (PLCM), Seagate (STX), Shazam, Synchronoss (SNCR), Tivo
(TIVO), Twitter (News - Alert), and Zynga (ZNGA). For more information, visit http://www.ivp.com
or follow IVP on Twitter: http://twitter.com/ivp.
KAYAK strives to be the best place to plan and book travel. The
company's websites and mobile apps allow people to easily compare
hundreds of travel sites at once, and give travelers choices on where to
book. KAYAK operates websites in 18 countries and offers free apps for
leading mobile platforms.
About the Priceline Group
The Priceline Group (Nasdaq:PCLN) is a leader in global online
hotel reservations, with over 270,000 participating hotels worldwide.
The Group is composed of four primary brands - Booking.com,
- and several ancillary brands. The Group provides online travel
services in over 180 countries in Europe, North America, South America,
the Asia-Pacific region, the Middle East and Africa. Booking.com
is the number one online hotel reservation service in the world,
offering over 245,000 hotels (as of November 1, 2012), and is available
in 41 languages. More recent hotel counts are available on the Booking.com
website. Priceline.com gives leisure travelers multiple ways to save on
their airline tickets, hotel rooms, rental cars, vacation packages and
cruises. In addition to getting compelling published prices, travelers
can take advantage of priceline.com's
famous Name Your Own Price® service, which can deliver the lowest prices
available, or the recently added Express DealsSM, where
travelers can take advantage of hotel discounts without bidding. Agoda.com
is an Asia-based online hotel reservation service that is available in
38 languages. Rentalcars.com
is a multinational car hire service, offering its reservation services
in over 6,000 locations. Customer support is provided in 40 languages.
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