Spirit Airlines | September 13, 2023
Cover Genius announced entering into a partnership with Spirit Airlines.
By integrating the company's XCover, Cover Genius empowers its partners to provide personalized protection options during the checkout process.
Through this partnership, Spirit Airlines' passengers enjoy a top-tier experience, featuring straightforward protection options during booking and seamless digital claims processing.
On September 12, 2023, Cover Genius, a leading insurtech for embedded protection, providing a global distribution platform for any insurance or other type of protection, announced a partnership with Spirit Airlines, a market leader in offering customizable travel options starting with an unbundled fare.
This integration with Cover Genius' award-winning global distribution platform, XCover, will offer Spirit Airlines' non-US and non-Canadian citizen passengers the opportunity to purchase personalized embedded protection. This coverage comes with the added benefit of a swift claims process, marking the first time such an option is available to them.
Cover Genius, selected as the insurtech partner for some of the world's largest airlines, empowers its partners to provide customized protection options during the checkout process. These options can be flexibly bundled or unbundled to cater to each customer's specific requirements. With licenses or authorizations spanning over 60 countries and encompassing all 50 US states, Cover Genius enables partners to effortlessly extend protection to customers from any location, facilitating international expansion.
Rana Ghosh, Vice President of Omnichannel Sales at Spirit Airlines, said,
We are committed to providing our Guests with the best value in the sky, unbundled fares and customizable travel options.
[Source – Globe Newswire]
Partnering with Cover Genius enables them to augment the Guest experience. It allows them to provide customized travel protection for various regions and destinations, added Ghosh.
Through the partnership, Spirit Airlines' passengers enjoy a best-in-class experience with straightforward protection options while booking and seamless digital claims processing. The management of Guests' requirements, starting from the initial sale to administration and claims, is efficiently handled by Cover Genius' consumer brand, XCover.com. This exceptional service has led to an industry-leading post-claims Net Promoter Score (NPS) of +65. Furthermore, the award-winning service design has demonstrated a remarkable 7x reduction in support tickets.
Angus McDonald, CEO and Co-Founder of Cover Genius, stated,
We are thrilled to partner with Spirit Airlines to help international travelers feel more confident in their booking.
[Source – Globe Newswire]
While embedded protection in travel is a common practice, many airlines provide customers with a standard one-size-fits-all policy that fails to address the varying needs of different travelers. The approach has been changed to offer customers flexible protection, customized according to their itinerary or destination, and supported by real-time data. Additionally, customers benefit from a hassle-free claims process that includes instant payments in more than 90 currencies, said McDonald.
International Guests with Spirit Airlines now have the choice to acquire embedded protection supported by XCover. Notably, Spirit Airlines presently serves 27 destinations spanning 14 countries outside of the United States.
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.
businesswire | August 11, 2023
Selina Hospitality PLC the fast-growing lifestyle and experiential hospitality company targeting millennial and Gen Z travelers, today announces the launch of the Selina Members Club, an innovative shareholder benefit program. This program is aimed at deepening retail shareholder engagement and revolutionizing the way the company builds relationships with its investors. A step beyond traditional shareholder programs, the Selina Members Club forms a community around shared values and lifestyles, underlining our commitment to stakeholder inclusion and brand camaraderie.
The Selina Members Club features three membership tiers: Blue Moon, Pink Moon, and Black Eclipse, each providing a unique set of benefits. Selina's valued shareholders, upon enrollment and verification that the eligibility requirements have been met, can enjoy accommodation and food and beverage discounts, room upgrades, complimentary breakfasts, access to co-working spaces, and exclusive event invitations. The program, designed to offer personalized experiences, also includes additional benefits such as accruing more points on stays, late checkouts, and free room upgrades - all to enrich the Selina experience.
"Today, investing extends beyond the balance sheet. It's a reflection of personal values and aspirations," said Rafael Museri, Selina’s Chief Executive Officer and Co-Founder. "The Selina Members Club allows our eligible shareholders to become part of the Selina community, experiencing firsthand the lifestyle that defines our brand. This reciprocal relationship deepens our connection with shareholders and elevates our brand in the experiential hospitality market."
Shareholders can unlock these unique benefits by verifying their shares in US-based brokerage accounts. Upon verification, they are promptly enrolled in the relevant membership tier provided they have held their shares for a certain period of time, and details of their exclusive benefits and how to redeem them are sent directly to them. As we embark on this exciting journey, the Selina Members Club symbolizes Selina’s commitment to our shareholders, reinforcing our core values, and redefining experiential hospitality.
”The Selina Members Club is not only a strategic move to strengthen relationships with customers who are also shareholders; it serves as an expression of gratitude for their steadfast support. As we tread a new path in the experiential hospitality market, our shareholders form a vital part of our community,” said Sam Khazary, Executive Vice President and Global Head of Corporate Development at Selina. "We extend a special thank you to retail focused investor relations agency, Equity Animal, along with our technology partner, Stakeholder Labs, for their collaboration in creating the Selina Members Club."
To join the Members Club, shareholders are invited to visit the verification portal and click on the "Connect Brokerage” button to connect their US brokerage account. Once verified and all eligibility requirements have been met, shareholders will receive an email confirming their membership tier, their benefits, and how to redeem them. Shareholders can anticipate receiving their benefits within five business days post-verification. For further information on the Selina Members Club, its unique benefits, and how to become a part of this exclusive community, please visit investors.selina.com.
About Selina Hospitality PLC.
Selina is one of the world's largest hospitality brands built to address the needs of millennial and Gen Z travelers, blending beautifully designed accommodation with coworking, recreation, wellness, and local experiences. Founded in 2014 and custom-built for today's nomadic traveler, Selina provides guests with a global infrastructure to seamlessly travel and work abroad. Each Selina property is designed in partnership with local artists, creators, and tastemakers, breathing new life into existing buildings in interesting locations in 24 countries on six continents – from urban cities to remote beaches and jungles.