Priceline to Buy Hotel-Data Company PriceMatch
Priceline Group Inc. on Friday unveiled plans to acquire hotel-data company PriceMatch, the latest deal for the acquisitive online booking company.
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The terms of the deal weren't disclosed.
Priceline said it would integrate PriceMatch into BookingSuite, which is a recently launched division of its Booking.com business.
“With the addition of PriceMatch, BookingSuite partners will be able to access a powerful set of business intelligence tools to help them optimize performance through a platform that’s easy to use and manage,” said BookingSuite Director Rob Ransom.
PriceMatch’s cloud-based platform delivers real-time data to hotels through tailored algorithms that account for factors like a hotel’s reservation history, competitors’ prices and seasonality. According to PriceMatch, its clients have on average seen a 7% increase in RevPAR—or revenue per available room—which is a key metric for the hotel industry.
The PriceMatch deal is the latest in a string of recent Priceline acquisitions. The company has grown considerably over the past decade through takeovers of travel sites including Booking.com and Kayak.com. In February, the company said it would buy hotel-booking startup Rocketmiles for about $20 million. Last summer, Priceline spent $2.6 billion to acquire restaurant booking service OpenTable Inc.
Shares in the company have risen about 10% over the past year and rose 0.7% in early trading.