General Atlantic Partners Invests $20 Million in Priceline.com
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Priceline.com, the name-your-own-price e-commerce system, said that General Atlantic Partners LLC, an equity investment firm focused on the software and information technology sectors, invested $20 million in the Stamford, CT-based company.
General Atlantic's William E. Ford has agreed to join priceline.com's board of directors, which includes former Time Warner Inc. co-CEO N. J. Nicholas Jr., former Citicorp President and COO Richard S. Braddock, former Cunard Group CEO Ralph Bahna, and journalist and author Marshall Loeb.
"We have been very impressed with priceline.com's success to date, and believe that the company's buyer-driven commerce system has tremendous consumer appeal and very attractive growth prospects," said Ford. "Priceline.com has deployed advanced communications and software technologies to implement a state-of-the art e-commerce system that delivers real value to consumers."
"General Atlantic Partners is known for its expertise in working with entrepreneurs to build leading information technology companies," said Priceline.com Chairman and CEO Jay Walker. "We're very pleased that General Atlantic Partners has selected us as one of its major e commerce investments, along with companies like E*Trade Group, Inc., and OptiMark Technologies, Inc. We also look forward to the expertise and deep knowledge base that the General Atlantic team will share with priceline.com."
Priceline.com allows buyers to name the price they are willing to pay for particular goods and services--airline tickets and automobiles, so far. Priceline.com electronically presents offers to sellers who can fill as much of that demand as they want at the price points they choose.
On April 6, Priceline.com launched its service for leisure airline tickets and has sold more than 40,000 tickets so far. In July, priceline.com launched its service for new cars, beginning with a limited market test in the New York metro area.