IAC Acquires TripAdvisor, Inc.
IAC/InterActiveCorp (NASDAQ: IACI) today announced that the company has agreed to acquire TripAdvisor, Inc., the leading travel research site. Terms of the agreement were not disclosed.
TripAdvisor is a comprehensive travel search engine and directory that enables consumers to extensively research their travel plans and destinations via the Web. The Company was founded in February 2000 and is the seventh most-visited travel website worldwide according to comScore Networks (December 2003). TripAdvisor will remain an independent brand within the IAC Local and Media Services Group.
Barry Diller, Chairman and CEO of IAC said, "Trip Advisor is a fine addition to both our extensive travel service offerings and our local group of services connecting customers to consumers with targeted information and offers. With this transaction, we are adding Media as part of the Group's name -- henceforth IAC Local and Media Services Group, under Anne Busquet's leadership. We now have more than 80,000 merchant customers, a number that continues to grow significantly, and believe that the consolidation of these efforts across all our brands will only increase the value to all our marketing partners."
Anne Busquet, CEO of IAC Local Services, said, "TripAdvisor joins the IAC Local and Media Services Group at an exciting time. We're solidifying our goal of providing consumers with information, ratings, advice, connections and access where ever they are and where ever they are going so they can make well-informed decisions. TripAdvisor combines one of the best travel Internet search engines with a comprehensive consumer satisfaction rating system and, as such, is a perfect adjunct to the current local services offered by Citysearch, Evite, and Entertainment Publications Inc. (EPI)."
TripAdvisor co-founder and CEO Stephen Kaufer said, "Our mission is to empower consumers to make intelligent purchase decisions by giving them the most complete, relevant research available and to enable our marketing partners to promote their products and services to a tightly focused travel demographic. IAC's extensive consumer reach combined with our existing partnerships with other companies in the travel industry creates the perfect combination fueling TripAdvisor's growth."
The transaction is expected to close during the second quarter of 2004, subject to customary regulatory approvals.
IAC/InterActiveCorp (NASDAQ: IACI) is the world's leading multi-brand interactive commerce company. IAC consists of IAC Travel, which includes Expedia, Inc., Hotels.com, Hotwire, Interval International, and TV Travel Shop; HSN; Ticketmaster, which oversees ReserveAmerica; Match.com; Lending Tree; Precision Response Corporation; and IAC Local and Media Services, which includes Citysearch, Evite, and Entertainment Publications, Inc. IAC has entered into an agreement to acquire TripAdvisor, which is expected to close during the second quarter of 2004, subject to customary regulatory approvals. www.iac.com.
About TripAdvisor, Inc.
TripAdvisor, Inc. provides a comprehensive travel search engine and directory that helps consumers research their travel plans via the web. TripAdvisor.com is the 7th most popular travel website worldwide, according to comScore Networks, and has won dozens of awards, including PC Magazine's Top 100 Web Sites and Forbes Best of the Web. The company also offers travel suppliers a performance-based marketing medium that generates average click-through rates of over 10% per page. Partners include leading travel companies such as Expedia, Travelocity, Orbitz, Hotels.com, American Airlines and Intercontinental Hotels Group. Founded in 2000 by Stephen Kaufer and Langley Steinert in conjunction with its lead venture investor Flagship Ventures, TripAdvisor, Inc. is a privately held company based in Needham, Massachusetts. Additional investors include Spinnaker Capital. www.tripadvisor.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements relating to IAC's anticipated financial performance, business prospects, new developments and similar matters, and/or statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "seeks," or similar expressions. These forward-looking statements are necessarily estimates reflecting the best judgment of IAC's senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward- looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions that could have a material adverse effect on IAC's business, financial condition or results of operations. You should understand that the following important factors could affect IAC's future results and could cause those results to differ materially from those expressed in the forward-looking statements: (1) the risk that IAC's businesses will not be integrated successfully; (2) material adverse changes in economic conditions generally or in such conditions affecting IAC's markets or industries; (3) future regulatory and legislative actions and conditions affecting IAC's operating areas; (4) competition from others; (5) successful integration of our businesses' management structures; (6) product demand and market acceptance; (7) the ability to protect proprietary information and technology or to obtain necessary licenses on commercially reasonable terms; (8) the ability to maintain the integrity of IAC's systems and infrastructure; (9) the ability to expand into and successfully operate in foreign markets; (10) obtaining and retaining skilled workers and key executives, (11) acts of terrorism; and (12) war or political instability. In addition, investors should consider the other information contained in or incorporated by reference into IAC's filings with the U.S. Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the fiscal year ended 2002, especially in the Risk Factors and the Management's Discussion and Analysis sections, and its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. Other unknown or unpredictable factors also could have material adverse effects on IAC's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward- looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release.
IAC is not under any obligation and does not intend, except as specifically stated, to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.
IAC Corporate Communications Deborah Roth (212) 314-7254 IAC Investor Relations Roger Clark/Lauren Rosenfield (212) 314-7400 For TripAdvisor Kerry Metzdorf, Red Javelin Communications (978) 463-2575 firstname.lastname@example.org (Photo: http://www.newscom.com/cgi-bin/prnh/20031105/NYW076LOGO )
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CONTACT: IAC Corporate Communications, Deborah Roth, +1-212-314-7254, or
IAC Investor Relations, Roger Clark or Lauren Rosenfield, +1-212-314-7400; or
Kerry Metzdorf of Red Javelin Communications, +1-978-463-2575, or
firstname.lastname@example.org, for TripAdvisor