INDEX / DIRECTORY / AGODA / ECONOMIC

Agoda ECONOMIC

ECONOMIC AUDIT UPDATED 2026-09-08
Economic Score 6.04 /10 C Agoda - Complicity Index 592
Economic 6.04

Evidence-only forensic audit. Scoring happens downstream - see the main dossier for the composite assessment.

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Supply Chain & Sourcing Relationships

Agoda is an online travel-reservation platform matching travellers with accommodation, flights, ground transportation, attractions, and related travel services, rather than a physical-goods manufacturer or distributor; it therefore has no conventional physical supply chain.1, 2 No public evidence identified of Israeli agricultural sourcing, exporter relationships, importer-of-record arrangements, seasonal goods procurement, or other physical-goods sourcing by Agoda.1, 2

Agoda’s supplier-side operations include direct property onboarding, booking-confirmation processes, and commission-offset payment products through its Partner Portal.3, 4 Its Direct Supply API enables connectivity partners to create or update hotel and non-hotel properties and requires information intended to make those properties sellable, but does not identify individual properties, their jurisdictions, or settlement locations.5

Agoda’s current terms state that some reservations made on its platform may be facilitated by Booking Holdings Inc., KAYAK, Priceline.com, or Booking.com, with the applicable partner’s terms governing the booking and Agoda potentially receiving a fee or commission.6 This establishes potential cross-brand facilitation for some Agoda-platform reservations, but does not establish that all Agoda accommodation bookings use Booking.com inventory.6

Booking Holdings Sponsored Listings is a shared advertising product that can promote hotels across Booking.com, Priceline, and Agoda, and Agoda’s sign-up instructions require Booking.com hotel IDs for hotels added to an advertising account.7, 8 This establishes shared advertising infrastructure and use of Booking.com identifiers for that product; it does not establish identical Agoda and Booking.com inventory, settlement-property eligibility, cross-platform inventory synchronisation, or Agoda display of any particular settlement property.7, 8

Product Origin, Labeling & Regulatory Compliance

Because Agoda does not sell physical goods, physical product-origin labelling regimes, including settlement-origin goods rules, do not directly apply to its core travel-platform business.1, 2 No public evidence identified of settlement-origin product labelling by Agoda.1, 2

No public evidence identified of an Agoda-specific booking-platform listing in a West Bank, East Jerusalem, or Golan Heights settlement in the supplied authoritative record.9, 10, 11, 12, 13, 14 Searches of the cited Human Rights Watch, Amnesty International, Who Profits, AFSC Investigate, and OHCHR materials attribute the identified settlement-listing activity to Booking.com, Booking Holdings, or Booking.com’s distinct Israeli subsidiary, rather than Agoda.9, 10, 11, 12, 13, 14 This is a document-scoped finding and does not establish that Agoda has never carried such a listing.9, 10, 11, 12, 13, 14

By contrast, Booking.com, a Booking Holdings brand distinct from Agoda, has been documented as labelling West Bank settlement properties “Palestinian Territory, Israeli Settlement” while labelling East Jerusalem and Golan Heights listings simply “Israel.”15 The retained record describes a 2018 location-label change; reporting on the September 2022 warning-policy episode says Booking.com replaced occupation-specific language after Israeli government pressure.15, 16 The UN Special Rapporteur’s July 2025 A/HRC/59/23 report names Booking Holdings and Booking.com in paragraphs 70–71 and describes Booking.com as continuing to profit from settlement listings. This is a dated Booking.com finding, not proof of Agoda inventory or a September 2026 live property count.17

Agoda is named in at least three BDS-oriented boycott-target listings, but those listings identify Agoda by brand or group association and do not document Agoda-specific settlement transactions.18, 19, 20

Booking Holdings’ 2025 sustainability report states that its platforms can include listings and experiences in conflict-affected regions and that internal teams and external human-rights experts continued property-by-property assessments during 2025.21 The cited conflict-affected-regions statement does not identify particular Agoda settlement properties and therefore does not verify Agoda-specific settlement inventory.21

Investment, Capital & Financial Exposure

Priceline.com Inc., now Booking Holdings, acquired Israeli ad-tech or “micro-marketing” startup Qlika on 11 March 2014 for a contemporaneously reported $15–20 million.22, 23, 24, 25, 26 Priceline’s relevant Form 10-Q confirms that the acquisition occurred, although the supplied filing record does not provide an itemised public purchase-price breakdown.27 Priceline’s earlier 8-K exhibit, 8-K, and 10-Q/A demonstrate its SEC acquisition-disclosure practices generally.28, 29, 30

Qlika’s approximately ten employees, including future Agoda CEO Omri Morgenshtern and two Hebrew University classmates, reportedly joined Priceline/Agoda’s Asia-led business rather than relocating to the United States.22, 31 The Qlika acquisition remains the only identified Agoda or parent-company Israeli operating investment in the supplied record.22, 23, 24, 25, 26, 2

Booking Holdings’ FY2025 Form 10-K reports group-wide technology, generative-AI, and shared-innovation investment, but provides no Israel-specific acquisition, capital-expenditure, investment, revenue, tax, or headcount disclosure for Agoda International Israel Ltd.2 No public evidence identified of Agoda-branded factories, data centres, logistics hubs, real-estate holdings, Israeli sovereign-debt underwriting, Israel Bonds sales, trade finance, or disclosed portfolio holdings in Israeli-domiciled companies, sovereign bonds, or Israel-focused funds.2, 32

Operational Presence & Market Activity

The historical record describes the Israeli operation that followed the Qlika acquisition as undertaking machine-learning, algorithmic-bidding, anomaly-detection, and natural-language-processing work supporting Agoda’s global platform.33, 34 Agoda Engineering also published a September 2024 article describing Agoda-wide ML-development work, but it does not identify Israel, Ramat Gan, the Israeli legal entity, or its authors’ locations.35

Current entity-specific primary evidence qualifies, rather than confirms, the historical R&D description. Booking Holdings’ FY2023 country-by-country report classifies Agoda International Israel Ltd. as performing “Administrative, Management or Support Services,” not “Research and Development.”32 The report separately uses “Research and Development” for other group entities, including Kayak Germany GmbH and Booking Suite B.V., making the different classification material.32 No current primary evidence identified that confirms Agoda International Israel Ltd. itself performs core R&D.2, 32 This classification does not prove that no technical work occurs there, but it limits the supportable current entity-level description.32

Booking Holdings’ FY2025 Form 10-K identifies Agoda as a Singapore-headquartered accommodation-reservation service that also offers flights, ground transportation, and attractions, but does not identify Israel, Ramat Gan, Tel Aviv, Qlika, or Agoda International Israel Ltd.2 Agoda’s Partner Hub describes Agoda as part of Booking Holdings, headquartered in Asia, with more than 6,900 employees globally; that is a global figure and cannot be treated as an Israeli headcount.36

Agoda International Israel Ltd., company number 515196830, is reported by registry-mirror and business-directory sources as an active Israeli private company incorporated on 2 February 2015 and registered at 12 Derech/Abba Hillel, Ramat Gan.37, 38, 39 The registry-mirror record reports a 2025 annual-report submission and identifies Agoda International Pte. Ltd. as an option holder or shareholder, but it is not a direct Israeli Registrar of Companies extract and does not provide a complete ownership chain or share percentage.37, 39 The 2015 incorporation date is consistent with an Israeli operating entity formed after the 2014 Qlika acquisition, but the supplied record does not establish the precise legal migration from Qlika to Agoda International Israel Ltd.22, 37, 39

No public primary disclosure provides a current Agoda-specific Israeli headcount, employee-role mix, R&D expenditure, payroll, local revenue, tax paid, capital expenditure, internal cost centre, or PTE-status information.2, 32 Glassdoor’s 11–50 figure remains a third-party directory estimate rather than a corporate disclosure.34 Booking Holdings’ FY2023 report states that the Israel tax jurisdiction had 82 employees, but that jurisdiction includes at least Agoda International Israel Ltd., Booking.com Israel Online Hotel Reservations Ltd., Evature Technologies, and Booking.com Consulting Services Israel Ltd.; the figure cannot be allocated to Agoda.32

No public evidence identified of a dominant Israel-facing Agoda market position, a direct Israeli government contract, state ownership, a defence contract, critical-infrastructure designation, or an IDF nexus attached to Agoda International Israel Ltd.2, 32, 37 Booking Holdings’ Q4 2023 materials reported 9% year-over-year room-night growth, or 11% excluding business associated with Israel that was significantly affected by the war, and a Booking Holdings executive reported early signs of recovery in Israel-related travel bookings in December 2023.40, 41 Those are group-level observations, not Agoda-specific Israel-market figures.40, 41

Corporate Structure & Foundational Ties

Agoda was founded in 2005 as an independent Asia-based online travel company and is not an Israeli-founded entity.1 It is a Booking Holdings consumer-facing brand, and Booking Holdings’ FY2025 Form 10-K identifies Booking.com, Priceline, Agoda, KAYAK, and OpenTable as its five consumer-facing brands.42, 2 Booking Holdings Inc. is a Delaware corporation with principal executive offices at 800 Connecticut Avenue, Norwalk, Connecticut.2

Booking Holdings’ Exhibit 21 lists Agoda Company Pte. Ltd. in Singapore and Agoda Holding Company Limited in Mauritius as wholly owned subsidiaries.43 The exhibit expressly omits non-significant subsidiaries; accordingly, the absence of Agoda International Israel Ltd. from that list is not evidence of cessation or non-ownership.43

Booking Holdings reports that its brands collaborate, share resources and technological innovations, and co-develop services.2 Its 2025 reporting also states that integrated operating segments require allocations involving estimates and judgement, while intercompany accounts and transactions are eliminated on consolidation.2 Agoda’s partner privacy policy further describes receipt of data from Booking Holdings and other subsidiaries for legal and tax obligations, procurement, integrated services, support, analytics, product improvement, personalisation, marketing, security, compliance, and partner outreach.44 These sources establish group operational and data integration, but not a Booking.com-to-Agoda settlement-inventory feed.2, 44

Agoda CEO Omri Morgenshtern became CEO effective 1 July 2022 and previously co-founded Qlika.45, 46, 47, 48 Supplied sources describe him as born and raised in Tel Aviv, a Talpiot-programme graduate, and a graduate of Tel Aviv University and Hebrew University.46, 49, 48 No public evidence identified of Morgenshtern’s continued IDF reserve service, defence-industry board seats, or personal or family-office investment in an Israeli company separate from his Agoda role.45, 46, 47, 48

John Wroughton Brown joined Agoda in 2010 from Boston Consulting Group, served as CEO from 2018 to 2022, and became Chairman in 2022.50, 51 No public evidence identified of Israel-specific ties or investments for Brown.50, 51

Booking.com and its distinct Israeli subsidiary, Booking.com Israel Online Hotel Reservations Ltd., are named in OHCHR, Who Profits, AFSC Investigate, Human Rights Watch, and Amnesty materials concerning settlement-property listings and related activity.9, 10, 11, 12, 13, 52, 14 Agoda itself does not appear by name in the supplied OHCHR, Who Profits, AFSC, Human Rights Watch, or Amnesty materials reviewed.9, 10, 11, 12, 13, 14 The University of Manchester’s August 2020 divestment concerned a portfolio that included Booking.com, a distinct Booking Holdings brand.12

No public evidence identified of golden shares, founder shares, charter provisions linking Agoda to Israeli state objectives, Israeli state ownership, government board appointments, or critical-national-infrastructure designation involving Agoda.2, 43, 37

Profit Repatriation & Economic Contribution

No Agoda-specific revenue-from-Israel, tax-paid, profit, payroll, capital-investment, or employment-contribution figure was located in the supplied public disclosures.2, 32 Booking Holdings’ FY2023 country-by-country report gives Israel-jurisdiction totals of $23,692,906 revenue, $3,697,374 profit before income tax, $816,814 cash taxes paid, $1,271,553 current-year income tax accrued, and accumulated earnings of negative $844,317.32 Those figures are denominated in U.S. dollars and aggregate the four Israeli Booking Holdings entities; they cannot be attributed to Agoda International Israel Ltd.32

The prior audit inferred from Agoda’s foreign-parent structure that profits generated by the Ramat Gan office would flow outward to Agoda’s Singapore headquarters and ultimately Booking Holdings in the United States.42, 53, 54 The current supplied registry-mirror evidence does not provide a complete ownership chain or an entity-level repatriation figure, so that remains a structural inference rather than a disclosed finding.43, 37, 39

Booking Holdings’ FY2025 Form 10-K reports approximately 24,300 group employees worldwide as of 31 December 2025 and $26.917 billion of 2025 group revenue, but does not disclose Agoda-only or Israel-only revenue.2 Agoda’s more-than-6,900 global employee figure likewise cannot support an Israeli headcount or economic-contribution conclusion.36 No public evidence identified of Agoda being characterised by Israeli government bodies, industry associations, or the supplied press record as a key employer or sector anchor in Israel’s technology or R&D ecosystem.34, 2, 32

Footnotes

  1. https://en.wikipedia.org/wiki/Agoda ↩ ↩2 ↩3 ↩4 ↩5

  2. https://www.sec.gov/Archives/edgar/data/1075531/000107553126000009/bkng-20251231.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20

  3. https://partnerhub.agoda.com/all-you-need-to-know-about-bookings/ ↩

  4. https://partnerhub.agoda.com/Introduction-to-Property-Collect/ ↩

  5. https://developer.agoda.com/supply/reference/overview ↩

  6. https://www.agoda.com/info/termsofuse.html ↩ ↩2

  7. https://partnerhub.agoda.com/how-do-i-sign-up-for-booking-holdings-sponsored-listings-bhsl/ ↩ ↩2

  8. https://partnerhub.agoda.com/hotel-solutions/booking-holdings-sponsored-listings/ ↩ ↩2

  9. https://www.whoprofits.org/companies/company/3768?booking-com= ↩ ↩2 ↩3 ↩4 ↩5

  10. https://www.hrw.org/report/2018/11/20/bed-and-breakfast-stolen-land/tourist-rental-listings-west-bank-settlements ↩ ↩2 ↩3 ↩4 ↩5

  11. https://investigate.afsc.org/company/booking-holdings ↩ ↩2 ↩3 ↩4 ↩5

  12. https://investigate.afsc.org/company/booking-holdings ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  13. https://www.amnesty.org/en/latest/news/2019/01/israel-opt-tourism-companies-driving-settlement-expansion-profiting-from-war-crimes/ ↩ ↩2 ↩3 ↩4 ↩5

  14. https://www.ohchr.org/sites/default/files/documents/hrbodies/hrcouncil/sessions-regular/session31/database-hrc3136/23-06-30-Update-israeli-settlement-opt-database-hrc3136.pdf ↩ ↩2 ↩3 ↩4 ↩5

  15. https://www.amnesty.org/en/latest/campaigns/2019/01/chapter-4-online-tourism-companies-doing-business-in-the-settlements/ ↩ ↩2

  16. https://www.aljazeera.com/news/2022/10/5/is-booking-com-reversal-palestine-corporate-hypocrisy ↩

  17. UN Special Rapporteur, A/HRC/59/23 (July 2025), paragraphs 69–71, pages 19–20; primary PDF preserved in the repository report library. https://www.ohchr.org/sites/default/files/documents/hrbodies/hrcouncil/sessions-regular/session59/advance-version/a-hrc-59-23-aev.pdf ↩

  18. https://masjidalaqsa.com/boycott/agoda-israel-bds ↩

  19. https://boycott.thewitness.news/target/agoda ↩

  20. https://boikotisrael.com/en/why/119/agoda ↩

  21. https://www.bookingholdings.com/wp-content/uploads/2026/04/Booking-Holdings_2025-Sustainability-Report.pdf ↩ ↩2

  22. https://techcrunch.com/2014/03/11/priceline-buys-israels-qlika-for-15-20m-to-boost-global-expansion-with-rocket-science-powered-ad-tech/ ↩ ↩2 ↩3 ↩4

  23. https://nocamels.com/2014/03/qlika-acquired-by-priceline-for-20m/ ↩ ↩2

  24. https://www.israel21c.org/priceline-buys-israels-ad-tech-startup-qlika/ ↩ ↩2

  25. https://venturebeat.com/2014/03/10/priceline-group-buys-ad-targeting-firm-qlika/ ↩ ↩2

  26. https://www.timesofisrael.com/priceline-snaps-up-israeli-ad-tech-start-up/ ↩ ↩2

  27. https://www.sec.gov/Archives/edgar/data/0001075531/000107553114000049/pcln6301410q.htm ↩

  28. https://www.sec.gov/Archives/edgar/data/0001075531/000110465907081185/a07-25392_4ex99d1.htm ↩

  29. https://www.sec.gov/Archives/edgar/data/0001075531/000110465907081185/a07-25392_48k.htm ↩

  30. https://www.sec.gov/Archives/edgar/data/0001075531/000110465908016531/a08-7400_210qa.htm ↩

  31. https://www.webintravel.com/from-founder-to-ceo-agodas-ceo-in-waiting-on-startup-journey-tactics-and-tech/ ↩

  32. https://assets.jibecdn.com/prod/workingatbooking/0.0.56/assets/Country-Report.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12

  33. https://www.timesofisrael.com/priceline-hotel-site-seeks-big-data-expertise-in-israel/ ↩

  34. https://www.glassdoor.com/Location/Agoda-Tel-Aviv-Location-EI_IE461386.0,5_IL.6,14_IC2421090.htm ↩ ↩2 ↩3

  35. https://medium.com/agoda-engineering/how-agoda-streamlines-ml-development-with-low-code-model-pipelines-9954c36cbc9a ↩

  36. https://www.partnerhub.agoda.com/about-us/ ↩ ↩2

  37. https://en.checkid.co.il/company/AGODA%2BINTERNATIONAL%2BISRAEL%2BLTD-6QaKddm-515196830 ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  38. https://www.dunsguide.co.il/en/Cc2f41818d90fd228f568c53d39d6ae51_agoda_international_israel/ ↩

  39. https://www.checkid.co.il/company/%D7%90%D7%92%D7%95%D7%93%D7%90-%D7%94%D7%91%D7%99%D7%A0%D7%9C%D7%90%D7%95%D7%9E%D7%99%D7%AA-%D7%99%D7%A9%D7%A8%D7%90%D7%9C-%D7%91%D7%A2~%D7%9E-515196830 ↩ ↩2 ↩3 ↩4

  40. https://www.marketbeat.com/earnings/reports/2024-2-22-booking-holdings-inc-stock ↩ ↩2

  41. https://www.bloomberg.com/news/articles/2023-12-12/booking-ceo-sees-easing-travel-impact-from-israel-hamas-war ↩ ↩2

  42. https://www.bookingholdings.com/brands/agoda/ ↩ ↩2

  43. https://www.sec.gov/Archives/edgar/data/1075531/000107553126000009/bkng12312510kex21.htm ↩ ↩2 ↩3 ↩4

  44. https://partners.agoda.com/Content/pdf/Agoda_Partner_Center_Privacy_Policy.pdf ↩ ↩2

  45. https://www.bookingholdings.com/press-releases/omri-morgenshtern-named-chief-executive-officer-of-agoda/ ↩ ↩2

  46. https://en.globes.co.il/en/article-omri-morgenshtern-appointed-agoda-ceo-1001409689 ↩ ↩2 ↩3

  47. https://www.agoda.com/press/leadership/omri-morgenstern/ ↩ ↩2

  48. https://careersatagoda.com/blog/why-i-work-for-agoda-from-the-bangkok-to-the-tel-aviv-office/ ↩ ↩2 ↩3

  49. https://en.wikipedia.org/wiki/Talpiot_program ↩

  50. https://ir.bookingholdings.com/news/news-details/2018/John-W - Brown-Named-Chief-Executive-Officer-of-Agoda-05-08-2018/default.aspx ↩ ↩2

  51. https://hotels-asia.com/agoda-names-new-ceo-john-brown-becomes-chairman/ ↩ ↩2

  52. https://www.dnb.com/business-directory/company-profiles.bookingcom_israel_online_hotel_reservations_ltd.1e98832281343ac5c860af560c7f14ef.html ↩

  53. https://www.dunsguide.co.il/en/Cc2f41818d90fd228f568c53d39d6ae51_agoda_international_israel/ ↩

  54. https://en.checkid.co.il/company/AGODA+INTERNATIONAL+ISRAEL+LTD-6QaKddm-515196830 ↩