Cendant

Cendant Corporation was a U.S.-based multinational conglomerate that existed from 1998 to 2006. It originated from the merger of CUC International and HFS Incorporated, and later acquired a range of businesses to build a diversified portfolio in travel distribution, real estate services, vehicle rental, and timeshare. The company adopted the Cendant name as it integrated these lines. Cendant's early years were marked by a major accounting restatement; in 1998 it restated historical financial results after uncovering revenue recognition issues at CUC International prior to the merger. The scandal led to governance reforms and a renewed emphasis on financial controls.

Cendant's business portfolio was organized into four major segments. Travel Distribution Services provided technology and distribution platforms for the travel industry and included the Galileo and Worldspan systems. Real Estate Services offered franchising and brokerage brands such as Century 21, Coldwell Banker, ERA, and Sotheby's International Realty. Hospitality & Leisure encompassed the Wyndham Hotels & Resorts chain and Wyndham Vacation Ownership. Vehicle Rental included the Avis and Budget brands, operated under Cendant's umbrella.

In 2006, Cendant underwent a strategic reorganization by separating into four independent publicly traded companies designed to unlock shareholder value: Realogy Corporation, Wyndham Worldwide, Travelport, and Avis Budget Group. Realogy carried forward the real estate brands; Travelport continued as a technology and distribution provider for travel; Wyndham Worldwide handled the hospitality and timeshare businesses; Avis Budget Group managed the car rental brands. The spin-offs ended Cendant's history as a diversified conglomerate and set the stage for each successor to pursue its own corporate strategy.