General Atlantic Partners, LLC, London, said it invested an additional $25 million in Priceline Europe, bringing General Atlantic's total investment in the new company to $50 million. Priceline Europe is an independent company backed by General Atlantic Partners, Priceline.com and other investors. Priceline Europe's Web site (www.priceline.co.uk) is now live and the company is planning to launch a major marketing campaign in the U.K. later this month. Expansion to other European markets is slated for later this year. Priceline Europe has licensed Priceline.com's business model and Priceline.com is providing the new business with technology, marketing and operations advice. Priceline Europe is paying Priceline.com an annual licensing fee for use of the Priceline model.
Copyright January 2001, Crain Communications Inc.