globenewswire | August 17, 2023
Mondee Holdings, Inc. the high-growth, travel technology company and marketplace, with a portfolio of globally recognized platforms in the leisure and corporate travel sectors, today announced the acquisition of Skypass Travel, Inc. (“Skypass”), a global full-service retail and wholesale provider of corporate, leisure, and humanitarian travel, based in the Dallas, Texas area.
The acquisition of Skypass supports Mondee's ongoing expansion and diversification endeavors, encompassing markets that serve both personnel and affiliates from international corporations, small and midsize businesses (SMBs), as well as humanitarian organizations. Skypass maintains domestic offices in the Dallas, Texas area and Austin, Texas. Furthermore, it boasts a global footprint through its international offices located in Latin America (LATAM), Mexico, Canada, and India.
Skypass achieved a gross revenue of $45 million and adjusted EBITDA of $4 million, representing a margin on net revenue of approximately 60%, in 2022. At closing, Mondee paid a consideration of approximately $15 million, comprised of cash and Mondee common stock priced at $10 per share. Additionally, the agreement allows for a potential future earn-out opportunity of shares of Mondee common stock, contingent upon the achievement of specified annual adjusted EBITDA growth targets.
With a 35-year operating history, Skypass enjoys a leading position in the international corporate travel sector. Its focus is directed toward providing travel services to sizable international consulting firms and SMBs. In addition to air travel and lodging, Skypass extends its services to encompass cruises, vacation packages, and humanitarian travel, catering to the personnel, associates, and the wider retail travel demographic.
Following the successful acquisitions of Consolid, Orinter and Interep, Mondee is poised to strategically advance the distribution of Skypass's travel-related offerings. Skypass’s expansion may be facilitated through Mondee’s extensive network, which comprises over 65,000 travel experts and a membership of 125 million individuals within closed groups. Furthermore, the acquisition increases Mondee’s reach of local, regional and global content.
Mondee's strategic approach involves harnessing its exclusive AI-Powered Travel Marketplace and cutting-edge technology. Simultaneously, the Company intends to introduce enhancements in services that may target Skypass’s clientele and generate additional revenue, including FinTech solutions and supplementary services. Moreover, Mondee is committed to streamlining expenditures across its global operational framework, with the aim of realizing substantial synergies in both top-line and bottom-line performance.
Mondee’s Founder, Chairman, and CEO, Prasad Gundumogula, stated, “We are thrilled to extend a warm welcome to Victor Abraham, CEO of Skypass, and his experienced management team as valued members of the Mondee family and look forward to helping provide their customers with access to our AI-Powered Travel Marketplace, as well as additional products and services. We have every confidence they will continue to grow the business actively within their served markets. This acquisition underscores our commitment to diversifying our distribution to SMBs and international corporate accounts along with geographical expansion into India, Mexico, and LATAM.”
Skypass’s CEO Victor Abraham, shared, “The entire Skypass team is excited to join the Mondee family and work towards unlocking the global growth potential of our combined offerings and capabilities. We look forward to leveraging Mondee's cutting-edge AI-Powered Marketplace and industry-leading expertise to enhance our customers' travel experiences. With our shared commitment to innovation and customer satisfaction, we are confident that together we can redefine the travel industry.”
Founded in 2011,Mondeeis a travel technology company and a modern travel marketplace based in Austin, Texas. The Company operates 17 offices across the United States and Canada and has core operations in India, Thailand, and Greece. Mondee is driving change in the leisure and corporate travel sectors through its broad array of innovative solutions. Available both as an app and through the web, the Company’s platform processes over 50 million daily searches and generates a substantial transactional volume annually. The Mondee Marketplace includes access to Abhi, the most powerful and only fully-integrated AI travel planning assistant in the market. Mondee’s network includes approximately 65,000 leisure travel advisors, freelancers and influencers, 500+ airlines, and over one million hotels and vacation rentals, 30K rental car pickup locations, 50+ cruise lines. The Company also offers packaged solutions and ancillary offerings that serve a global customer base.
Travel Technology, Hospitality Trends
PR Newswire | July 05, 2023
Today, Collinson, a global leader in the provision of airport experiences, loyalty and customer engagement solutions, and owner and operator of Priority Pass, announces a new partnership with Blue Sky Group, a hospitality provider in Indonesia that manages premium executive lounges in airports across Indonesia, alongside hotels and restaurants.
This partnership will allow Priority Pass Members to access 13 airport lounges, eight of which are exclusive to Priority Pass Members, in Indonesian airports. This includes Soekarno-Hatta International Airport (CGK), Sultan Aji Muhammad Sulaiman Sepinggan International Airport (BPN), and Sultan Mahmud Badaruddin II International Airport (PLM).
Blue Sky Group's airport lounges offer comfortable spaces for travellers to relax pre-flight, as well as VIP rooms for informal meetings. Lounges at Balikpapan (BPN) and terminal 2 of Soekarno-Hatta (CGK) airports provide complimentary buggy services that transport guests from the lounge to immigration. In addition to curated lounge spaces, members will be able to enjoy Ippolito coffee – Blue Sky's in-house brand, roasted locally – as well as sample Indonesian cuisine, such as Pisang Goreng and varieties of Jajanan Pasar.
"This is an exciting time for the travel industry in Indonesia, as the country has set a goal of attracting nearly 7.4 million international arrivals in 2023; almost double the number of arrivals when compared to last year," said Todd Handcock, Global Chief Commercial Officer and Asia Pacific President at Collinson. "We are delighted to partner with Blue Sky Group, one of the top hospitality providers in Southeast Asia, to vastly enhance our Priority Pass Members' experience when visiting Indonesia, through inventory that both provides a taste of the local culture, and a memorable airport experience."
Linan Kurniahu, CEO of Blue Sky Group said, "We are thrilled to partner with Priority Pass to provide their members with access to our premium airport lounges in Indonesia. Our airport lounges combine the best of local culture and cuisine with the highest levels of international travel service. This partnership represents a significant milestone for us as we continue to expand our footprint across Asia Pacific's travel industry."
Indonesia has a rapidly growing economy and is fast becoming a major international business and leisure travel destination. Recognising the importance of this market to Priority Pass Members, together, both partners will make travel to and within the Indonesian archipelago more comfortable and relaxing than ever before.
Collinson is the global, privately-owned company dedicated to helping the world to travel with ease and confidence.
We work with the world's leading payment networks, over 1,400 banks, 90 airlines and 20 hotel groups worldwide. We deliver market-leading airport experiences, loyalty and customer engagement, and insurance solutions for over 400 million end consumers.
About Priority Pass
Priority Pass is the world's original and market-leading airport experiences programme. We provide travellers with access to 1,300 airport lounges and travel experiences in over 650 airports in 148 countries. Members can access an ever-growing range of premium experiences – from spas to sleeping pods to dining – that help elevate every journey into something special. By building partnerships with other leading brands, we help to bring a better travel experience to the world.
About Blue Sky Group
A nationwide company focusing on hospitality, property services and restaurant management, Blue Sky Group started in 1973 as one of the few hotels in Balikpapan, Indonesia. Since 2003, Blue Sky Lounges serve in major cities in Indonesia, such as Balikpapan, Jakarta, Pekanbaru, Pontianak, etc.
We are the sole privately owned brand with multiple outlets that have partnership with major banks and corporate & government entities in Indonesia. Our aim is to continue to be the destination for travellers before their journey, with the goal of going to international market in the future.
prnewswire | August 31, 2023
Cendyn, a catalyst for digital transformation in the hospitality industry, proudly announces the strategic acquisition of WIHP, an industry leader in hotel digital marketing services and technology. The acquisition signifies a key milestone in Cendyn's quest to facilitate profitable revenue growth for the hospitality industry through continued investment in driving direct bookings.
For close to 30 years, Cendyn has established itself as a pioneer in empowering people to excel in hospitality through world-class technology and services. This commitment enables hoteliers to foster deeper guest relationships, increase direct bookings, and enhance overall bottom-line results.
The merger between Cendyn and WIHP represents a leap for Cendyn, reinforcing its EMEA and global footprint at a time when the industry is focused on driving more profitable revenue. By joining forces, the two entities create a digital ecosystem that empowers clients of both Cendyn and WIHP to generate profitable revenue growth driven through their direct booking channels.
"We are thrilled to embark on this transformative journey with WIHP," said Jack Blaha, CEO at Cendyn, "The synergy between both companies is remarkable, and with WIHP's metasearch prowess, this merger reaffirms our commitment to driving more demand for our customers' most profitable direct booking channel."
"At the core of this transformative acquisition lies two true digital leaders in the industry," said Vincent Ramelli, CEO at WIHP. "Marrying Cendyn's rich heritage with WIHP's state-of-the-art metasearch expertise establishes a new epoch in the hospitality industry. We are incredibly excited to see what we can achieve together for our industry."
As Cendyn and WIHP unite under this acquisition, hoteliers can expect a revolutionized approach to hotel digital marketing services, setting an elevated standard for the future of hospitality technology.
Cendyn is a catalyst for digital transformation in the hospitality industry. We help hotels around the globe drive profitability and guest loyalty through an integrated technology platform that aligns revenue, eCommerce, distribution, marketing and sales teams with centralized data, applications, and analytics, so they can capture more demand and accelerate growth. With offices located across the globe, in the United States, Germany, United Kingdom, Singapore, Bangkok, and India, Cendyn serves tens of thousands of customers across 143 countries.