Etraveli Group, originating out of Sweden, today announced they have acquired the Canadian based air tech company TripStack and the OTA Flight Network, thereby consolidating its position as one of the most successful tech plays within flights.
Etraveli Group, that was acquired by CVC Capital Partners for more than 500m Euro in 2017 and subsequently acquired e-Travel, an OTA based in Athens, Greece, is a leading and fast-growing European flight centric OTA with an increasing global presence. With the acquisitions, the Group is now extending its airline integration capabilities and becoming a truly global company with sales and operations across the world.
Etraveli Group has had very strong growth organically (>30% CAGR) since 2014, on the back of deep flight expertise commercialized efficiently through bespoke tech solutions, and has gradually grown to establish itself as one of the larger flight centric OTAs globally with a total transaction value of c. 4 billion euros.
Etraveli Group operates with multiple brands in more than 50 markets globally with strong positions in the Nordics, UK, France and Germany but also a noteworthy presence in Southern Europe, Australia and specific markets in Asia and the Middle East. Today’s acquisitions give the Group a significant position in North America as well.
Mathias Hedlund, CEO of Etraveli Group explains the rationale behind the deal:
“Through this deal Etraveli Group will vastly increase airline integration capabilities through TripStack and thereby be able to further broaden the offer of flights and itineraries available. With TripStack’s air content technology we will not only strengthen our own OTA brands, but also open up to offer our solutions to other marketplaces and travel providers seeking to have competitive air content. From being a successful flight centric OTA with leading tech capabilities, we are now determined to have the world’s best air content offering at our and our partners’ sites, and thereby be the obvious choice for any provider of flights that wants to have a competitive range of air content at attractive prices to sell to their customers.”
“The deal will also speed up the Group’s growing presence in North America, a market where we lately have seen our offerings and skill sets win market shares. Coupled with Flight Network abilities we believe we can rapidly increase our presence in this market,” he adds.
CEO and Founder of both Flight Network and TripStack, Naman Budhdeo comments, “This is a great opportunity to scale what we have built out of Toronto and to deliver on our global ambition. We recognized early the emerging importance of airline integration capabilities and we are looking forward to get our product out to a wider audience. I have followed the success of Etraveli Group from a distance for a while now and am excited that we can join a winning team and contribute to the group.”
Today Etraveli Group also announced the hiring of Pia Vemmelund, former Managing Director of Kayak EMEA and Momondo. She will join to run TripStack together with the co-founder Naman Budhdeo. “We have a long outstanding business relationship with Pia and are delighted to have her expertise and personality to contribute to the group” says Mathias Hedlund, CEO of Etraveli Group.
For more information, go to etraveligroup.com or flightnetwork.com.
Communications Director Etraveli Group
+46 (0) 703 99 62 81
+1 416 727 2098
Founded in the year 2000, Etraveli Group was one of the first companies to offer online booking of flight tickets. In those days, we sent them out by regular mail. Today that would be very difficult as we now have almost 12 million customers per year. We are the leading online travel agency in the Nordic countries, the fastest growing in Europe and our presence across the web spans 50 countries. We constantly find new solutions to bring travelers together, and make the world smaller.