TRAVEL TECHNOLOGY

Iteris Acquires Travel Technology Firm TrafficCast for $16 Million

Iteris | December 08, 2020

Iteris, a global leader in smart mobility infrastructure management, has agreed to acquire TrafficCast International that gives travel information technology, for $16 million.

Madison, Wisconsin-based TrafficCast recorded following 12-month of $14.6 million and changed EBITDA of $1.2 million for the period ending September 30, 2020. Around 60% of the organization's complete sales is identified with its software product items and is accounted for as annual recurring revenue.

TrafficCast works two lines of business – commercial and public area – every of which contributes around 50% of total revenue.

Spotlight

International tourist arrivals have almost quadrupled over the past 30 years and domestic tourism has also intensified in most developed and newly industrialized countries. At the same time, tourist movements have spread geographically to reach practically all countries of the globe, becoming for many of them an important economic sector in terms of income generation, foreign exchange earnings and employment creation.

Spotlight

International tourist arrivals have almost quadrupled over the past 30 years and domestic tourism has also intensified in most developed and newly industrialized countries. At the same time, tourist movements have spread geographically to reach practically all countries of the globe, becoming for many of them an important economic sector in terms of income generation, foreign exchange earnings and employment creation.

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BUSINESS TRAVEL

Hopper Secures $175 Million Growth Investment Led By GPI Capital

Hopper | August 18, 2021

Hopper is announcing that it has completed a $175 million Series G financing led by GPI Capital with participation from Glade Brook Capital, WestCap, Goldman Sachs Growth and Accomplice as the company emerges from the pandemic stronger than ever. As the travel industry continues to rebound, Hopper has demonstrated significant outperformance with its category-leading mobile-only marketplace, delivering value to customers and supply partners with the company's proprietary suite of fintech offerings. Hopper has over 60 million downloads, consistently ranks as one of the most downloaded travel apps, and now has a larger air travel market share in North America than it did before the pandemic (source: MIDT) along with a growing suite of API-enabled solutions for its B2B initiative. Based on its current run rate, Hopper is pacing towards 330% revenue growth compared to last year and it has already surpassed its pre-pandemic revenue peak from Q1 2020 by over 100%. Product roll-outs have been delivered over an increasingly diversified mix of air, hotel and car rental bookings with the company's fintech offerings now representing a majority of its revenue. Whether it's pricing volatility or avoiding trip disruptions, Hopper's fintech offerings aim to address every pain point in the customer journey while driving conversion, repeat purchases, and profitability. Earlier in the year, Hopper announced that it was launching a B2B initiative called Hopper Cloud. Through this partnership program, any travel provider – airlines, online travel agencies, meta-search companies, travel agencies, etc. – can integrate and seamlessly distribute Hopper's fintech or agency content. Additionally, Hopper Cloud offers white-label travel portals for companies that aspire to sell travel with a differentiated consumer experience and offering. By leveraging its vast data assets, Hopper takes on all financial risk as its AI is able to dynamically price each fintech offering on a real-time basis at scale. "The success of our fintech offerings demonstrate that travelers are willing to pay for flexibility and assurance as they resume traveling again," said Frederic Lalonde, CEO and Co-Founder of Hopper. "We feel strongly that our fintech offerings through Hopper Cloud can help supercharge the travel industry's recovery by introducing a totally unique revenue stream for other brands. In fact, if all travel distribution channels offered our fintech, it could increase the total consumer spend for the sector by $200 billion annually. We are excited to be partnering with GPI and their distinguished track record of supporting iconic consumer internet companies. We welcome Khai to the board as we execute on a roadmap for sustained growth over the long term." Khai Ha, Managing Partner at GPI Capital, commented "Hopper has created a large market opportunity with unique fintech products for the travel industry that applies an entirely differentiated and attractive business model in which we are excited to work with Fred and the leadership team to accelerate the flywheel. The company emerged from a challenging period for the industry, bolstering its technology capabilities, customer service and its opportunity set with a stronger, durable foundation. We are thrilled to be a partner in this category-defining story." The funds will be used to accelerate the company's growth across several fronts including customer support. Following a year of unprecedented customer support requests, Hopper has scaled its customer support team by 200% and developed several self-serve automation tools so that 60% of customer support requests are now resolved instantly. Hopper is hiring an additional 500 employees, of which 300 of them are focused on customer service. The company is actively looking to acqui-hire other teams in travel, data science, or engineering-heavy startups to introduce new product offerings and fuel international expansion. Hopper has had recent success integrating the teams of Journy and Mowgli, which will accelerate entry into new travel categories such as home rentals and regional expansion to Europe. Kirkland & Ellis LLP and McCarthy Tétrault LLP acted as legal counsel to GPI Capital. About Hopper Hopper is the world's fastest-growing mobile-first travel marketplace. By leveraging massive amounts of data and machine learning, the company has developed several unique fintech solutions that help customers save money and travel better. Through its B2B initiative, Hopper Cloud, the company is syndicating its fintech solutions, infrastructure, and agency content. Whether it's pricing volatility or trip disruptions, Hopper's proprietary suite of fintech solutions address every pain point in the customer journey while driving conversion, repeat purchases, and profitability. About GPI Capital GPI Capital is an alternative investment firm specializing in leading growth equity investments in technology, consumer and industrial companies. GPI focuses on identifying high quality businesses looking to accelerate growth and execute on transformational opportunities with an engaged and value-add partner

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HOSPITALITY TRENDS

Optii Solutions Announces Two-way Integration with Maestro PMS

Optii Solutions | May 02, 2022

Optii Solutions announced a two-way integration with Maestro PMS. Optii Solutions is the leading optimization technology for hotel operations. Maestro PMS is the trusted and proven cloud or on-premise browser-based PMS solution for independent hotel and resort groups. The bidirectional link will help existing Maestro users to optimize their housekeeping and maintain dynamic alignment between the front and back of the house in hospitality operations. This two-way interface will give Maestro and Optii clients an easy solution that optimizes labor and cleaning processes through predictive technology and automation. The software improves daily cleaning plans and sequences for room attendants, allowing hotels to anticipate faster turnaround times and leverage predictive AI to run more effective day-to-day operations. Optii's unique 360-degree methodology offers hotels complete insight into their operations, allowing them to identify areas where additional resources should be deployed and high and poor production areas. It results in increased overall efficiency and productivity, and the platform often pays for itself within a month of use, making it a very cost-effective option for hotels. "It has never been more important for hotels to maximize their hotel operations systems in place to manage the challenges in hospitality. We're very happy to be partnering with Optii on this integration so we can continue to support our customers with the right 3rd party technologies that will help them reduce costs, increase profitability, centralize their operations and improve the overall guest and staff experience." -Warren Dehan, President, Maestro PMS

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CRUISE

Majestic Princess Maiden Call to San Francisco is First Cruise Ship Visit Since Global Industry Pause

Princess Cruises | October 12, 2021

Princess Cruises today celebrated its return to San Francisco with the maiden call of Majestic Princess, the first cruise ship to visit the City by the Bay since the industry global pause of operations. Guests onboard Majestic Princess experienced the iconic attractions of San Francisco during a port call on a seven-day Classic California Coast voyage, sailing roundtrip from Los Angeles. Long-time partners from the Port of San Francisco welcomed Princess Cruises back, recognizing the beneficial financial impact to local businesses. "Princess has a long history of visiting the iconic Port of San Francisco with our guests marveling at the bucket-list experience of sailing underneath the Golden Gate Bridge. Our guests remain eager to be back on board enjoying a safe and real vacation." Jan Swartz, Princess Cruises president "The Port of San Francisco is excited to welcome back a safe return of Princess Cruises and all cruises to our renowned waterfront and city."said Elaine Forbes, Executive Director of the Port of San Francisco."The city has worked with cruise lines to ensure all CDC guidelines have been met or exceeded. The return of cruise is an important milestone for San Francisco's economic recovery and will support our small and family-owned waterfront businesses." Majestic Princess offers a MedallionClass vacation, delivering the ultimate in effortless, personalized cruising. It begins with OceanMedallion, a quarter-sized, wearable device that enables everything from touch-free boarding to locating loved ones anywhere on the ship, as well as enhanced service like having whatever guests need, delivered directly to them, wherever they are on the ship. Princess Cruises sailings onboard Majestic Princess are available for guests who have received their final dose of an approved COVID-19 vaccine at least 14 days prior to the beginning of the cruise and have proof of vaccination. All fully vaccinated guests must also produce a negative, medically observed COVID-19 test (PCR or antigen) taken within two days of their embarkation on all Princess sailings.

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