Global technology company Travelport has announced a $200 million investment from the company's owners, Siris Capital Group and Elliott Management.
Following a strong first quarter performance, including the acquisition of corporate travel management platform Deem, Travelport says the new injection of capital will allow it to continue with an aggressive growth strategy.
"The $200 million investment from our owners, Siris Capital Group and Elliott Management, reflect 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."
In March, Travelport announced the acquisition of Deem, in order to fulfill what the company sees as a growing need for a fully-integrated tool that provides access to all multi-source content, including NDC.
Travelport also launched Smartpoint Cloud in March, which it calls a "more intuitive and efficient way for travel agents to sell and service travel," while increasing potential sales of higher-value services for suppliers.
The company also became the first GDS to offer a complete solution for American Airlines' NDC content. Travelport's platform 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.
Travelport says 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 the company with significant liquidity while demonstrating investors' strong belief in the company's bright future.
Topics From This Article to Explore
