Travelport has secured a $200 million investment
from Siris Capital Group and Elliott Management, the company’s
owners.
The injection of capital allows the company to
continue its aggressive growth strategy and follows a strong first
quarter performance which included advancing technology and the
acquisition of Deem.
“The $200 million investment from our owners,
Siris Capital Group and Elliott Management, reflects their
confidence in Travelport and the continued recovery of the travel
industry,” said Greg Webb, CEO of Travelport. “The main advantage
of private equity ownership is agility, which is crucial in a
rapidly changing environment. This investment will allow
Travelport to further advance its tech innovations, while fueling
the company’s momentum.”
During March 2023 alone, Travelport:
– Acquired Deem, a leading corporate travel
management platform, in order to fulfill a growing need for a
tight, fully-integrated tool that provides access to all
multi-source content, including NDC;
– Launched
Smartpoint Cloud,
delivering a more intuitive and efficient way for travel agents to
sell and service travel, all while increasing sales of
higher-value services for suppliers; and
– Travelport+ has had NDC content from
American Airlines live for nearly a year now, and as of mid-March,
the content is live across the entire Travelport portfolio.
The $200 million investment, along with a recent
refinancing that received the support of 100% of Travelport’s
First Lien Lenders and materially lowered the company’s cash
interest expense, provides Travelport with significant liquidity
while demonstrating investors’ strong belief in the company’s
future.
:
Future of Airline Distribution and NDC – Exclusive HD Video
Interview with Yanik Hoyles, IATA.
