A Chinese company has moved to acquire Dublin-based travel technology firm OpenJaw Technologies after its parent GuestLogix filed for bankruptcy protection.
Beijing-based TravelSky Technology, the largest provider of travel distribution services and technology in China, expects to complete the deal within a month.
Canada-based GuestLogix filed for creditor protection in February as it attempted to restructure and re-organise its assets, business and financial affairs.
No figure was put on the value of the OpenJaw transaction which is subject to the approval of a court in Ontario as well as other conditions.
OpenJaw will become a wholly-owned subsidiary of TravelSky when the deal is completed.
OpenJaw provides bookings and travel packaging software that is integrated into an online retail platform called t-Retail.
The company serves airlines, hotels, loyalty programs and OTAs, with customers including Cathay Pacific, British Airways, S7 Airlines and Four Seasons.
TravelSky has grown revenue to more than $840 million since being founded in 2000.
Lawrence Phillips, managing director of independent investment bank Mooreland Partners, which acted as financial advisor on the deal, said: "The acquisition of OpenJaw will provide TravelSky with an industry leading software platform to better serve Chinese carriers, and also give TravelSky a base for expansion globally.
"Online booking and travel packaging software has become increasingly vital as the market for travel packaging and ancillary services continues to soar.”
Mooreland Partners executive director, Louis Jeng, added: "We were able to leverage our knowledge of Chinese technology markets and cross-border transaction experience to deliver valuable insight in helping form the combined entity.”
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.