HOSPITALITY TRENDS
prnewswire | May 17, 2023
Funds advised by Apax Partners LLP ("Apax") announced today that they have reached a definitive agreement to invest approximately $450m to acquire a significant minority stake in IBS Software, a leading provider of modern Software-as-a-Service (SaaS) solutions to the global travel and logistics industry, from Blackstone. Following the transaction, Apax will partner closely with IBS Software's Founder and Executive Chairman, V K Mathews, who will remain the majority shareholder.
Founded in 1997 with a vision of redefining the future of travel through technology innovation, IBS Software provides next-generation SaaS solutions that power the most mission-critical operations at the world's leading aviation, tour and cruise, hospitality and logistics companies. With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including cargo and logistics, flight operations, passenger services, loyalty programs, cruise operations, energy & resource logistics and hospitality distribution platforms. Backed by a team of 4000 professionals across the world with more than 25 years of deep domain expertise, IBS Software's scalable, cloud-native platform and demonstrated market leadership, position it to define the future of mission-critical technology for the travel industry.
V K Mathews, Founder and Executive Chairman of IBS Software said: "We're excited to partner with Apax as we enter a new phase in our mission to transform how travel companies operate in a digital world. This investment is an endorsement of our strategy and our commitment and contribution to the industry, and we have a shared vision with Apax for the future of the business. We thank our customers and employees who have been instrumental in our success so far. We're grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax."
Anand Krishnan, CEO, IBS Software, added: "As the travel industry rapidly embraces digitalisation, we have a vital role to play in helping our customers accelerate revenues, drive efficiency and create differentiated customer experiences. Apax has deep experience in partnering with leading SaaS providers and will be a strategic partner for IBS Software as we embark on a new phase of growth. We thank Blackstone for helping us create real value and a true partnership."
Jason Wright, Partner, Apax, commented: "We are thrilled to partner with VK and the management team at IBS Software. Having closely monitored the travel software sector over the last several years, IBS Software stood out to us as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivalled. Over the last two decades, IBS Software has invested in products, innovation, and culture, while continuing to scale the business. We believe there is tremendous growth potential ahead and look forward to leveraging our software experience to help IBS Software become a world leader in travel and logistics software."
Amit Dixit, Head of Asia Private Equity, Blackstone, said: "We are happy to have played an important role in IBS Software's transformation to a SaaS company with global leadership in Travel and Logistics. IBS is already one of the largest enterprise SaaS companies out of India. We thank VK for his strategic vision and for being a terrific partner, and Anand and the management team for their impeccable execution. Value creation at IBS Software demonstrates our business-building approach to investing and reinforces our conviction in Technology as a sectoral theme."
The transaction is subject to customary closing conditions and is expected to close end of Q2 2023. Financial terms were not disclosed.
J.P. Morgan is acting as financial advisor to IBS Software and Blackstone, Drew & Napier LLC is acting as legal counsel to IBS Software and Simpson Thacher & Bartlett LLP is acting as legal counsel to Blackstone.
Kirkland & Ellis LLP is acting as legal counsel and Jefferies LLC is acting as financial advisor to Apax.
About IBS Software
IBS Software is a leader in providing SaaS solutions for the travel industry based in Singapore. It manages mission-critical operations for clients in the aviation, tour & cruise, and hospitality industries. The aviation industry solutions provided by the company include fleet & crew operations, passenger services, staff travel, loyalty programs, aircraft maintenance, and air cargo management. It also operates a B2B and B2C distribution platform that provides hotel room inventory, rates, and availability to a network of hospitality companies and channels. Additionally, it offers a comprehensive, customer-centric digital platform for the tour and cruise industry that includes onshore, online, and on-board solutions. IBS Software is a Blackstone portfolio company with 15 offices worldwide.
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BUSINESS TRAVEL
prnewswire | March 24, 2023
The World Travel & Tourism Council (WTTC) and the Saudi-based Sustainable Tourism Global Center have unveiled groundbreaking new data detailing the total water usage of the global Travel & Tourism sector.
In one of the largest research projects of its kind, WTTC can for the first time ever, accurately report and track the impact the sector has on the environment.
The findings were launched today at the United Nations in New York at the UN 2023 Water Conference.
Direct Water Use
Speaking at the UN Headquarters, Chris Imbsen, Director of Sustainability at WTTC, revealed that Travel & Tourism's entire water footprint is just 0.6% of the global water use according to the latest figures (2021).
In 2019, when the sector was at its peak, the sector's total water footprint was only 50% higher, but still less than 1% of the global total at 0.9%.
Travel & Tourism's direct water use is significantly lower – in 2019 it was 0.2% of the global total and has fallen by half to just 0.1% of the global total.
Much of the sector's water use is indirect, through its supply chain, with agriculture and food production accounting for two-thirds of Travel & Tourism's entire water footprint.
Between 2010 and 2019, the Travel & Tourism sector in Europe and Africa reduced direct water use. In Europe, direct water use fell by 8% and in Africa, direct water use by the sector fell by 6%.
Julia Simpson, WTTC President & CEO, said: "This ground-breaking new data reveals our sector's water consumption for the first time ever, revealing that Travel & Tourism uses less than 1% of the water used around the world, with the overwhelming majority of that usage coming from the sector's supply chain.
"The data also shows that whilst the sector has grown economically around the world, its direct-use water intensity has decreased.
"The data is the most in depth study of the sector's water use, and like the world-first climate footprint data we released at our Global Summit in Riyadh last year, we can also reveal individual countries' Travel & Tourism sector's water footprints. This will enable governments to work with the sector to further reduce water usage."
Water Intensity
The water intensity of Travel & Tourism per unit of GDP has also fallen since 2010, across both direct and indirect use.
In 2010, the sector used 0.57m³ of water for every $1 contributed to the global economy. In 2019 this fell by 19% to reach 0.46m³ of water for every $1 contributed to the global economy.
In a world-first, this comprehensive research covers 185 countries across all regions and will be updated each year with revised figures.
This research was made possible thanks to the partnership between WTTC and the Saudi-based Sustainable Tourism Global Center. Under the Saudi green Initiative, more than 60 initiatives have been launched in the past year, representing more than $186 billion of investment in the green economy.
About the World Travel & Tourism Council
The World Travel & Tourism Council (WTTC) represents the global travel & tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world's leading travel & tourism companies from all geographies covering all industries. For more than 30 years, WTTC has been committed to raising the awareness of governments and the public of the economic and social significance of the travel & tourism sector.
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HOSPITALITY TRENDS
prnewswire | May 24, 2023
Jurny, Inc., a pioneering hospitality tech company powering operations for short-term rental (STR) properties across the globe, is rolling out its latest and most robust operating system to date. Available now, JurnyOS 2.0 is powered by GPT-4 and features dynamic AI tools designed to connect, optimize and automate operational tasks and guest management.
JurnyOS 2.0 Highlights:
Never Miss a Message with Nia - Nia is Jurny's advanced AI assistant built on GPT-4, which can automate tasks and enhance customer service while improving operational efficiency. It is already more accurate at many tasks than the average human agent and, thanks to generative ai, is rapidly improving each day; Nia can already handle full conversations with guests, making it infinitely scalable.
Premier Management in a Free PMS - Jurny now offers the industry's only completely free PMS leveraging generative AI to assist hosts with managing their properties. With no onboarding fees, an intuitive user interface (UI), and the help of Nia, properties are live in minutes, not months.
One (Click) and Done - Jurny's new OS and PMS feature the industry's most robust integration for Airbnb. Property managers can sign in once to seamlessly connect to the Airbnb platform, sync content and historical data, update rates and availability, and receive bookings in real time from the easy-to-use Jurny platform.
All-in-One Vertically Integrated System - Remove the hassle of finding the best tools and say goodbye to tracking multiple licenses and renewal dates. Jurny offers a natively integrated best-in-class technology stack, including popular tools like Wheelhouse, Autohost, Minut and others for advanced analytics & reporting, channel management, reputation management, electronic payments, IoT access control, website development and more.
Luca Zambello co-founded Jurny after more than a decade of working in different areas of the hospitality industry. After building and managing a luxury rental business in Los Angeles, which grew to more than 300 units across five markets and grossed over $1 million in its first year, Zambello quickly realized how archaic existing operational management solutions were and began developing tech in house. In 2019, he and his team launched Jurny to fix the fragmented and costly property management model through modern, transformative technologies.
Today, Jurny is leading the industry's transition to the digital age, utilizing AI and automation in smart ways that enhance the guest experience. According to a recent report from Skift on generative AI's impact on travel, customer service and guest support is one of the most expensive cost centers for short-term rental management companies and the hospitality industry as a whole.
"The release of Jurny's AI-enhanced technology and access to its premium PMS for free is poised to transform the industry," said Andrew Kitchell, Founder & CEO of Wheelhouse. "By democratizing access to advanced tools that were once only available to the biggest players, Jurny is not just changing the game, it's leveling the playing field for everyone in the industry."
About Jurny, Inc
Jurny helps vacation rental and short-term rental (STR) hosts to reimagine property management through its free property management software (PMS) and cutting-edge artificial intelligence (AI)-driven JurnyOS, powered by GPT-4. As the most advanced ecosystem in the industry, Jurny enables single-click native integration with Airbnb and other leading solutions for channel sales, dynamic pricing, guest verification, IoT device management, customer service and more.
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