WEX Signs Definitive Agreement to Acquire eNett and Optal

Odessa American | January 24, 2020

WEX , a leading financial technology service provider, today announced that it has entered into a definitive agreement to purchase eNett, a leading provider of B2B payments solutions to the travel industry and Optal, a company that specializes in optimizing B2B transactions, for a total consideration of approximately $1.7 billion, including approximately $1.275 billion in cash and approximately 2 million shares of WEX common stock paid to the sellers. WEX is acquiring eNett from Travelport and its owners, affiliates of Siris Capital Group, LLC and Elliot Management Corporation's private equity affiliate, Evergreen Coast Capital Corp. WEX is acquiring Optal from private shareholders. The two companies, which are already highly integrated companies, will be fully integrated under WEX’s ownership.

Spotlight

Meet a hotel delivery robot that combines Hyundai Motor Group's technology and know-how, such as electricity and autonomous driving.The drive with the PnD module enables smooth barrier avoidance, enabling delivery as fast as human delivery.
In addition, it can move between floors by itself in conjunction with elevators and deep learning-based algorithms can make robots recognize people who they are.

Spotlight

Meet a hotel delivery robot that combines Hyundai Motor Group's technology and know-how, such as electricity and autonomous driving.The drive with the PnD module enables smooth barrier avoidance, enabling delivery as fast as human delivery.
In addition, it can move between floors by itself in conjunction with elevators and deep learning-based algorithms can make robots recognize people who they are.

Related News

TRAVEL TECHNOLOGY

SUNRATE Partners With Visa for Virtual Corporate Cards to Boost Travel Solution

SUNRATE | January 10, 2023

SUNRATE, recognized as a leading financial solutions provider, collaborated with Visa, a world leader in digital payments. The partnership is to enhance the travel solutions offered by SUNRATE. In the past, SUNRATE's stakeholders had only one way to pay for travel-related expenses with their travel partners. Now with the partnership, they will have a virtual corporate card that makes this process much easier and more streamlined. SUNRATE, at the end of last year, shared news of a strategic alliance with Agoda, the world's largest online travel agency. In 2021, the company was accepted into the Visa network as a primary participant. SUNRATE’S corporate cards will help its travel partners to have control over spending track and allocations. In addition, a corporate card will ensure the security of the transactions and the data for the users. Technologies like Application Programming Interfaces (APIs) have made it difficult for shared card information to be misused by imposing a time limit on each transaction. The Payment Card Industry Data Security Standard (PCI DSS) Level 1 is an international standard for financial data security. SUNRATE has been certified to meet this standard. "The launch of Visa virtual corporate cards is a monumental step for SUNRATE as we cement our leadership as a one-stop B2B payment partner, especially for the travel industry. Since our partnership announcement with Agoda, we have worked with many other travel stakeholders, including other OTAs and we take pride in being able to solve their overall business needs. The Visa virtual corporate card will be a key solution for our customers and beyond," -Shawn Qin, Head of Card Business, SUNRATE. (Source: Cision) About SUNRATE SUNRATE is an advanced global payment and treasury management platform for international businesses. Having global headquarters in Singapore and offices in China, Indonesia, Japan, and the United Kingdom, SUNRATE collaborates with Citibank, Standard Chartered, and Barclays and is the leading member of MasterCard and Visa. The company has facilitated local and global growth for over 130 firms since its establishment in 2016.

Read More

TRAVEL TECHNOLOGY,AIRLINES AND AIRPORTS

Priceline Forms Strategic Alliance with British Airways and Iberia

Priceline | January 02, 2023

Priceline, a leading online travel agency in North America, announced an NDC agreement with British Airways and Iberia, part of the International Airlines Group (IAG). Through the new distribution capability (NDC) partnership, Priceline customers will have access to the airline group's full fares and other services, such as choosing their seats and having their bags checked. Priceline is excited to expand its valued partnership with IAG. The company said that its new connections to British Airways and Iberia would help it fulfill its mission of giving customers the best travel deals, whether traveling within the United States or to another country. Iberia says the agreement with Priceline is a great chance to grow its partnership with one of the best travel agencies in North America through the NDC channel. Also, it will help the company reach a larger audience with Iberia's and British Airways products and the benefits of this model. British Airways is happy about this announcement with Priceline and the great work they do to ensure their customers can use the NDC content and features, such as more price points and better self-service features. Priceline's parent company, Booking Holdings, is also a part of the new strategic partnership. It includes Agoda, which continues to improve its flight and connected trip offerings in the Asia-Pacific region. About Priceline Booking Holdings' subsidiary Priceline is a well-known start-up that combines cutting-edge technology with a meaningful mission. It gives its customers quick and easy access to the best deals on hotel rooms, flights, rental cars, vacation packages, and cruises so they can be present for the most critical moments.

Read More

DESTINATION AND TOURISM, COMMERCIAL TRAVEL

KAYAK and Affirm Team up to Help Travelers Book Now and Pay Later

KAYAK | January 27, 2023

KAYAK, the leading search engine for travel, recently announced that it has partnered with Affirm, a payment network, to make its payment operations flexible and to empower its travelers in the United States. According to KAYAK search data, flight prices are rising by about 40% per year. Despite increased flight prices, travelers are still searching for flight bookings in 2023. With Affirm, KAYAK is making it easier for travelers to plan and pay for their trips this year. Now, approved KAYAK travelers can split the cost of flights, hotels, car rentals, and car sharing over $150 into monthly payments by choosing Affirm when they check out. Thus, KAYAK can reach 15 million of Affirm's consumers and 245,000 merchants, including American Airlines, Priceline, Vrbo, Vacasa, and more thereby, enhancing its new reach, overall sales, repurchase rates, and average order value. Paul Jacobs, General Manager and Vice President of KAYAK North America, says, "It's good to have choices, especially in this economy. In addition to showing travelers all their options on KAYAK, Affirm gives travelers the ability to plan how they pay." (Source – Business Wire) Geoffrey Kott, Chief Revenue Officer at Affirm, remarks, "This past fall, Affirm's consumers increased purchases at airlines over seven times compared to the prior year, demonstrating higher consumer demand for payment flexibility when booking travel." He adds, "By partnering with KAYAK, we are able to bring consumers a flexible and transparent way to pay for travel, especially at a time when many are looking for ways to regain financial control and spending power amidst rising costs." (Source – Business Wire) About KAYAK: KAYAK is part of Booking Holdings Inc, one of the world's most prominent search engines for travel. It helps people find the vacation package, hotel, rental or shared car, and flights they want. The company enables travelers to search for the best flight deals and book with flexibility, as it's pretty reliable and completely free to use. With trip planning tools like a flight tracker, trip planner, and bag measure, KAYAK ensures that travelers' overall experience is more than just a flight search site!

Read More