prnewswire | April 27, 2023
Trip.com, an international one-stop travel service provider, today announced it will build a joint innovation lab with Amazon Web Services (AWS), the world's most comprehensive and broadly adopted cloud. The joint lab aims to use experts from AWS and Trip.com to develop new technologies that will improve the online travel provider's travel and services. Trip.com and AWS will combine technology resources and knowledge in cloud computing and artificial intelligence to identify and develop new ways to support Trip.com customers.
Trip.com, with its unique value proposition, offers an all-in-one suite of diversified travel products and industry-leading customer service, via its mobile-first app to users around the world.
Chen Zhang, Executive Vice President of Trip.com Group, said: "We are excited to sign an MoU with Amazon Web Services to build the innovation lab. Trip.com has worked hard to consistently develop technology to improve services and offerings for customers. The innovation lab aims to make travel more accessible and provide the ultimate experience for travellers, using the latest technology, renowned experts, and leading researchers from Trip.com and AWS."
"Trip.com is the world's leading one-stop travel service provider and a role model of global development," said Gu Fan, General Manager of Growth Acceleration of AWS Greater China. "We are honored to empower Trip.com through the joint innovation lab with our cloud services and successful practices in the fields of big data, artificial intelligence, and machine learning to continuously help Trip.com expand its existing business, uncover new growth opportunities and fulfill its mission to 'achieve the perfect journey' for global travelers."
The joint lab will focus on five programmes, including Artificial Intelligence, Flight Business, Hotel Business, International Business, and Cloud Technology.
In recent years, Trip.com has strengthened collaborations with AWS to improve marketing capabilities and service qualities through its advanced technology.
Trip.com has migrated more than 400 of its international business micro services to AWS, proving the model for more departments and mature business component tools to follow suit.
After migrating to AWS, Trip.com saw a significant improvement in its air ticket booking system, and reduced overall total memory consumption by more than 96%, achieving major cost savings.
During the pandemic, Trip.com successfully launched its innovative live stream campaign 'DreamNowTripLater'. By leveraging AWS services, Trip.com has a robust, high quality, and engaging live stream to showcase true travel destination experiences to customers.
AWS has also allowed Trip.com to improve connections with flight and hotel partners, by providing increasingly reliable service for users with a faster and more stable system that reaches millions of global users.
In addition, as part of the collaboration, Trip.com leverages AWS to provide training and AWS Certifications to its employees in various fields, such as cloud computing architecture, development, operations, containers, data analysis, database, security, artificial intelligence, and machine learning, which will help them upskill and innovate using cloud computing. AWS and Trip.com also collaborated to develop a four-year training plan and are expected to train approximately 2,000 employees through comprehensive training courses supported by AWS's customer service team.
Headquartered in Singapore, Trip.com, a global online travel agency, offers services for flights tickets, hotels booking, train tickets, and the internet. It enhances the travel experience from a short trip to a nearby city to a long adventure across the continent, helping travelers at every step of the journey. It has connected about 1.2 million hotels and over 500 airlines in approximately 200 countries to travelers. With a committed customer service team, it offers services non-stop 24/7 and assists travelers worldwide. It also provides an all-in-one travel application with features like trip coins, app-inclusive deals, easy trip planning, the latest travel updates, and worldwide coverage.
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.
accesswire | April 10, 2023
WrkSpot, an innovator in hotel operations and panic solutions, has announced a robust two-way integration with HotelKey, a next-generation hospitality management system platform.
The strategic partnership between the companies supports the integration of WrkSpot's hotel productivity, labor management and compliance application with HotelKey's hospitality management system. The integration allows seamless data transmission, reduces paperwork and eliminates information gaps between two critical aspects of the hospitality business.
"HotelKey is a fantastic HMS, and we're proud to be entering this relationship," said Raja Epsilon, CEO of WrkSpot. "Our integration will increase automation and streamline the total hotel experience. Together we will help hoteliers optimize operations and maximize revenue. We are excited for a successful integration and partnership."
The companies say their partnership essentially reinvents hotel operations by seamlessly combining operations with labor management and compliance at the property level or across multiple properties. With a single SaaS solution, hoteliers will be able to get work done more effectively and efficiently.
"HotelKey and WrkSpot's integration showcases the common goals between our companies, streamlining management and operations, while improving guest experience," said HotelKey Sr. Director of Sales & Marketing Katrina Stephenson. "We look forward to combining our technology with the capabilities of WrkSpot."
WrkSpot is a SaaS software solution for managers paired with an app for line employees. It provides managers with live data on scheduling, clock-in/clock-out status, room status and employee locations, allowing remote monitoring of staffing, tasks, and performance. WrkSpot's intuitive dashboards and reports provide actionable data for its robust budgeting and forecasting tools. And its comprehensive panic solutions secure properties and safeguard staff.
HotelKey is a fully integrated suite of hospitality products that power both property and central reservation management for everything from individual hotels to large hotel chains. It distributes inventory globally, accepts reservations through call centers, property systems, booking engines, native websites, and OTAs and GDS channels. It also assists companies in accepting card payments, running captive retail and food and beverage outlets, and more. More than 12,000 contracted hotels, including four hotel chains and more than 500 independent properties, are HotelKey clients.
HotelKey was founded in 2015 and today counts four large enterprise chains among its clients, including G6 Hospitality, Extended Stay America & Red Roof Inn. HotelKey's client portfolio includes roughly 400,000 rooms live and over 12,000 hotels under contract, including 500 independent hotels, mainly in the U.S. In addition to its industry-leading PMS solution, HotelKey also offers an enterprise-grade central reservations system and point-of-sale system, along with a host of other products and services specifically designed for the hospitality industry.