Interview: Priceline’s M&A Guru on the Most Successful Acquisition in Online Travel History
Photo Credit: Glenn Fogel speaking at at the NOAH 2012 Conference in London. YouTube / NOAH12 London
Skift Take
These are cliches, but true: It's mostly about the team and their ability to execute. Business models help, too: As Priceline's Glenn Fogel says, "Good execution of an OK idea is a lot better than lousy execution of a brilliant idea."
In 2004 and 2005, Glenn Fogel, the Priceline Group's head of worldwide strategy, planning and corporate development, came across Europe's Active Hotels and Bookings B.V., respectively, which were operating what was then an out-of-favor agency business model.
Fogel thought the management teams were exceptional and was captivated by the business model, and Priceline acquired both companies. And the rest is history. Active Hotels and Bookings B.V. became the foundation for the Booking.com juggernaut, and turned into the most successful acquisitions in online travel history.
Skift sat down with Fogel in Los Angeles last week and discussed a range of topics, including the things that competitors neglected to see about those two landmark acquisitions; the details of his role at the Priceline Group; the focus of the Priceline Ventures Group; what he sees as the innovations of the ride-sharing sector, and advice for travel startups.
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