TripAdvisor Takes Majority Position in FlipKey, Strong Player in Vacation Rental Market
PRNewswire NEWTON, Mass. (NASDAQ:EXPE)
NEWTON, Mass., Aug. 20 /PRNewswire/ -- TripAdvisor®, the world's largest travel community, today announced it has purchased a majority stake in FlipKey™, http://www.flipkey.com/, a leading vacation rental review site. Terms of the investment will not be disclosed.
"Vacation rentals is the hot emerging category in travel and FlipKey has a great foundation and a smart business approach," said Steve Kaufer, founder and CEO of TripAdvisor. "We believe we can help FlipKey become the leader in the space and, in turn, FlipKey content will satisfy a growing need for TripAdvisor users."
"TripAdvisor is 'it' in the world of user-generated travel reviews, so we are thrilled to have the support of the TripAdvisor Media Network," said TJ Mahony, FlipKey founder and CEO. "We're honored to have been chosen as the vacation rental provider to the world's largest travel community and look forward to working with TripAdvisor to build our business."
Boston-based FlipKey.com launched in March 2008 and is led by TJ Mahony, CEO, Jeremiah Gall, COO, and Carl Query, CTO. FlipKey features 50,000 vacation homes, representing all 50 U.S. states. In addition to amassing vacation rental listings and consumer reviews of the featured properties, FlipKey has an exclusive relationship with Instant Software, the leading property management software company, to provide a guest review platform for its clients. FlipKey content is expected to be integrated with TripAdvisor.