IVP Portfolio Company KAYAK Acquired by Priceline.com for 1.8 Billion

  IVP Portfolio Company KAYAK Acquired by Priceline.com for 1.8 Billion

Business Wire

MENLO PARK, Calif. -- November 09, 2012

Institutional Venture Partners (IVP) portfolio company KAYAK Software
Corporation (NASDAQ:KYAK) has signed a definitive agreement to be acquired by
Priceline.com Incorporated (NASDAQ:PCLN) in a stock and cash transaction.

Under the terms of the agreement, the transaction values KAYAK at $1.8 billion
($1.65 billion net of cash acquired) or $40 per share of KAYAK, with Priceline
paying approximately $500 million of the consideration in cash and $1.3
billion in equity and assumed stock options. The board of directors of both
companies approved the transaction, which is subject to KAYAK shareholder
approval, customary closing conditions, and regulatory approval. The
transaction is expected to close by late 1^st quarter 2013. KAYAK's current
management team will continue to manage KAYAK's operations independently as
part of the Priceline Group of companies.

KAYAK is a leading travel research site that allows people to easily compare
hundreds of travel sites at once when searching for flights, hotels, and
rental cars, and gives travelers choices on where to book. The company
processes over 100 million user queries each month through its global websites
and best-in-class mobile applications.

“Steve Hafner, Paul English and the rest of the Kayak team have done a
phenomenal job of building Kayak into a fantastic resource for travelers,“
said IVP general partner Todd Chaffee. “This investment reminds us, once
again, that great management teams are almost always the key to great
investment returns in our business.”

IVP has invested in over 300 companies, 93 of which have gone public. KAYAK
went public on July 20th at $26.00 per share and was the 91^st company from
IVP’s portfolio to go public.

About Institutional Venture Partners (IVP)

With $4 billion of committed capital, Institutional Venture Partners (IVP) is
a premier later-stage venture capital and growth equity firm in the United
States. Founded in 1980, IVP has invested in over 300 companies, 93 of which
have gone public. IVP is one of the top performing firms in the industry and
has a 32-year IRR of 43.2%. IVP specializes in venture growth investments,
industry rollups, founder liquidity transactions, and select public market
investments. Since its inception, IVP investments include such notable
companies as ArcSight (HPQ), Buddy Media (CRM), ComScore (SCOR), Concur
Technologies (CNQR), Dropbox, HomeAway (AWAY), Juniper Networks (JNPR), Kayak
(KYAK), LegalZoom, LifeLock (LOCK), LivingSocial, Marketo, MySQL (ORCL),
Netflix (NFLX), Polycom (PLCM), Seagate (STX), Shazam, Synchronoss (SNCR),
Tivo (TIVO), Twitter, and Zynga (ZNGA). For more information, visit
http://www.ivp.com or follow IVP on Twitter: http://twitter.com/ivp.


KAYAK strives to be the best place to plan and book travel.The company's
websites and mobile apps allow people to easily compare hundreds of travel
sites at once, and give travelers choices on where to book. KAYAK operates
websites in 18 countries and offers free apps for leading mobile platforms.

About the Priceline Group

The Priceline Group (Nasdaq:PCLN) is a leader in global online hotel
reservations, with over 270,000 participating hotels worldwide. The Group is
composed of four primary brands - Booking.com, priceline.com, Agoda.com and
Rentalcars.com - and several ancillary brands. The Group provides online
travel services in over 180 countries in Europe, North America, South America,
the Asia-Pacific region, the Middle East and Africa. Booking.com is the number
one online hotel reservation service in the world, offering over 245,000
hotels (as of November 1, 2012), and is available in 41 languages. More recent
hotel counts are available on the Booking.com website. Priceline.com gives
leisure travelers multiple ways to save on their airline tickets, hotel rooms,
rental cars, vacation packages and cruises. In addition to getting compelling
published prices, travelers can take advantage ofpriceline.com's famous Name
Your Own Price® service, which can deliver the lowest prices available, or the
recently added Express Deals^SM, where travelers can take advantage of hotel
discounts without bidding. Agoda.com is an Asia-based online hotel reservation
service that is available in 38 languages. Rentalcars.com is a multinational
car hire service, offering its reservation services in over 6,000 locations.
Customer support is provided in 40 languages.


Institutional Venture Partners
Gina Bauman, 650-543-1813
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