16 Facts About Cendant

Cendant Corporation was an American provider of business and consumer services, primarily within the real estate and travel industries.

Cendant made a brief foray into the casino industry, but then spun off that business in November 1994 as National Gaming.

Cendant changed its name to HFS Inc the same month, to reflect its broadened scope.

In January 1998, Cendant purchased Jackson Hewitt, a franchised chain of tax preparation offices, for $480 million.

Just months after the merger, in April 1998 Cendant uncovered massive accounting improprieties at CUC which resulted in one of the largest financial scandals of the 1990s.

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Under Silverman, Cendant bounced back from the accounting scandal far outperforming the markets in the early 2000s.

In 2002, Cendant bought Budget Rent a Car out of bankruptcy for $110 million plus $2.

In 2004, Cendant began a series of moves to simplify its business and focus on its core areas of real estate and travel.

In June 2004, Cendant sold Jackson Hewitt for $638 million through an initial public offering.

In January 2005, Cendant spun off its mortgage and fleet management businesses as PHH Corporation.

The next month, Cendant sold its Wright Express division, a provider of fleet cards, for $1.

In October 2005, Cendant sold its marketing services division, including its membership shopping programs, to Affinion Group, a vehicle of Apollo Management, for $1.

In November 2004, Cendant purchased Orbitz, the third-largest travel booking site in the U S, for $1.

In December 2004, Cendant consolidated its control of the Ramada name by buying out Marriott International's stake in the hotel brand.

In February 2005, Cendant acquired Ebookers, the second-largest travel booking site in Europe, for $350 million.

Cendant owned the rental brands of Avis and Budget, holding these properties in the CCRG .