Chinese travel giant Ctrip has made an interesting step into the US travel market by buying a small Palo Alto, California, startup known as Trip.com. Terms were not disclosed but Trip.com raised $39 million from investors like Battery Ventures, Redpoint and Expedia via a strategic partnership with Expedia's vacation-home-rental unit Homeaway.
CEO Travis Katz, who is staying on along with all of his employees, told us he put the deal together himself and is "happy with it" as are his investors.
Ctrip is China's biggest travel booking company and one of the largest travel booking companies in the world. It trades in the US on NASDAQ with a market cap of $25 billion.
Ctrip sent waves through the travel industry when it bought Scotland-based flight search company Skyscanner at the end of 2016 for about $1.74 billion. Skyscanner is the like the Kayak of Europe, a popular site for searching multiple airlines. Ctrip's acquisition signaled that the Chinese company had ambitions beyond Asia, starting with Europe.
Source: Business Insider
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