- Leading travel technology company Travelport Worldwide Limited announced that it received commitments for up to $1 billion from affiliates of existing owners
Leading travel technology company Travelport Worldwide Limited announced that it received commitments for $500 million in financing from affiliates of existing owners, Siris Capital Group, LLC and Evergreen Coast Capital, the private equity affiliate of Elliott Management Corporation and an additional $500 million of available financing capacity.
This investment provides Travelport with the liquidity needed to continue to exceed the expectations of its customers despite the impact of the COVID-19 pandemic. And it also allows the company to continue to invest in its industry-leading technology and next-generation platform to ensure it is positioned for growth as travel returns.
“COVID-19 and the governmental response to the pandemic has had a negative impact on the travel industry, including our business, and we appreciate the increased support from Siris and Evergreen as we work to get through this challenging time,” said Travelport CEO Greg Webb. “Their unwavering commitment and new capital ensure that we can continue to meet the needs of our customers, support our employees and take steps to emerge from this global health crisis in a strong position. With the support of our investment partners, we are confident in the long-term viability of our business and we remain committed to continued technology investments and our transition to a next-generation platform.”
Travelport is known for making the experience of buying and managing travel continually better. And it operates a travel commerce platform providing distribution, technology, travel payment, and other solutions for the global travel and tourism industry. Plus the company is known for facilitating travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel platform.
Travelport has a leading position in the airline merchandising, hotel content and distribution, car rental, mobile commerce and B2B payment solutions. And the company provides IT services to airlines like shopping, ticketing, departure control, and other solutions.
“Siris is committed to Travelport’s future success and growth, and our priority is maintaining the company’s position as the industry partner of choice. We remain optimistic about the future trajectory of the business as the Company takes steps to increase its resiliency and emerge from the current crisis,” explained Frank Baker, Co-Founder & Managing Partner of Siris Capital.
