A supplier of specialist software platforms to travel firms such as Tui, Thomas Cook and Mark Warner has been acquired by private equity interests.
The value of the deal for ATCORE Group by Inflexion Private Equity was not disclosed.
The transaction provides an exit for mid-market private equity firm LDC, which backed a management buyout of the business from its stock market listed-parent Anite in 2014.
Inflexion supported the stock exchange listing of On the Beach and has backed other travel companies including Reed & Mackay and Scott Dunn.
ATCORE comprises of two principal platforms, Atcom and Tigerbay, the Cardiff-based developer which it bought in 2015.
Atcom designs, builds and maintains reservation software for global tour operators while Tigerbay serves specialist travel companies.
The Inflexion deal will help ATCORE accelerate organic growth.
“We will also work closely with management to explore a targeted acquisition strategy, capitalising on Inflexion’s locally based international experts in Asia and South America to drive international expansion,” the private equity firm said.
The global travel and tourism market is valued at $2.3 trillion with 4% growth forecast over the next 10 years.
Digital transformation has accelerated a shift to online bookings, triggering a boom in UK tour operator IT spend with compound annual growth of almost 20%, according to the firm.
The travel technology company’s CEO Dave Cruickshank said “ATCORE is a thriving international business, designing and operating advanced software platforms for our world-class client base.
“Customer service excellence is absolutely paramount and we are committed to providing them with a premium service.
“Partnering with Inflexion, who has extensive sector knowledge and broad international reach, will further enhance ATCORE’s offering and we are excited about the next stage of our growth together.”
Inflexion managing partner Simon Turner said: “Inflexion has unrivalled experience in the travel and technology sector with relevant businesses such as Reed & Mackay, Scott Dunn and Griffin Global Group; we also successfully listed On the Beach Group on the London Stock Exchange.
“ATCORE is an impressive business, leading the pack with technology innovation at its core. We are delighted to partner with such an experienced management team and help grow their market leading position.”
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