- Travelport announced that it has raised $200 million in funding.
Travelport – a technology company that powers travel bookings for hundreds of thousands of travel suppliers worldwide – announced a $200 million investment from the company’s owners Siris Capital Group and Elliott Management. And following a strong first-quarter performance, including the acquisition of Deem, the new injection of capital will allow the company to continue executing its aggressive growth strategy.
This past month alone, Travelport:
— Announced the acquisition of Deem, which is a leading corporate travel management platform in order to fulfill a growing need for a tight and fully-integrated tool that provides access to all multi-source content, including NDC.
— Launched Smartpoint Cloud, thus 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.
— Became the first GDS to offer a complete solution for American Airlines’ NDC content. And the company’s next-generation 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.
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 bright future.
KEY QUOTES:
“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. 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.”
— Greg Webb, CEO of Travelport
