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TMCNet:  IVP Portfolio Company KAYAK Acquired by Priceline.com for 1.8 Billion

[November 09, 2012]

IVP Portfolio Company KAYAK Acquired by Priceline.com for 1.8 Billion

MENLO PARK, Calif. --(Business Wire)--

Institutional 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 companies.

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.


About KAYAK

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, priceline.com, Agoda.com and Rentalcars.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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