KAYAK for Business partners with HQ to expand ground transport options

NEW YORK - KAYAK for Business announced Wednesday a new partnership with HQ to integrate ground transportation booking capabilities into its corporate travel platform. The move comes as parent company Booking Holdings (NASDAQ:BKNG) continues to demonstrate strong market performance, with revenue reaching $24.09 billion and an impressive gross profit margin of 86.63% in the last twelve months.

The integration allows business travelers to book taxis, rideshares, and premium car services across more than 100 countries directly through the KAYAK for Business platform. The service leverages HQ’s SummitGround platform and its HQ Connect network of over 1,500 vetted transportation suppliers.

"As we expand KAYAK for Business’ global footprint, dependable ground transportation is critical to a frictionless journey for business travelers," said Florian Mueller, Senior Director at KAYAK for Business, according to the company’s press release.

Jeff LaFave, Managing Director at HQ, stated that the integration would support "millions of rides around the world through our trusted network of supply partners."

KAYAK for Business, which helps companies manage corporate travel in one platform, has gained significant traction in the business travel sector. According to the announcement, it has become the platform of choice for two of the top five firms on Business Travel News’ 2024 Corporate Travel Top 100 list.

The partnership aims to create a more comprehensive travel booking experience by allowing users to secure flights, accommodations, and ground transportation in a single workflow while providing companies with visibility into travel expenditures.

KAYAK is part of Booking Holdings (NASDAQ:BKNG), which operates as the parent company for several online travel services. The company has achieved a perfect Piotroski Score of 9, indicating excellent financial strength, and its stock is currently trading near its 52-week high of $5,839. According to InvestingPro, which offers comprehensive analysis of over 1,400 US stocks, Booking Holdings maintains a "GREAT" overall financial health score, with 12 additional exclusive ProTips available to subscribers.

In other recent news, Booking Holdings has been the subject of multiple analyst updates and strategic developments. BTIG raised its price target for Booking Holdings shares to $6,250, maintaining a Buy rating, citing a steady increase in reservation volumes and expectations to exceed second-quarter guidance. Similarly, JPMorgan increased its price target to $6,000 and maintained an Overweight rating, highlighting the company’s strong position in the online travel sector and potential for global market share growth. Meanwhile, Piper Sandler reiterated a Neutral rating, focusing on the company’s emphasis on cost control and topline growth.

In addition to analyst activity, Booking Holdings announced an eight-year extension of its partnership with Etraveli Group to enhance global flight booking capabilities. This agreement aims to bolster Booking.com’s position in the flight booking sector. On the technology front, OpenTable, part of Booking Holdings, launched "Concierge," a generative AI assistant designed to provide diners with restaurant information, reflecting Booking Holdings’ broader investment in AI technology. These developments underscore Booking Holdings’ strategic initiatives to strengthen its market presence and improve operational efficiency.

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