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Travelport Worldwide Ltd provides distribution, technology, payment solutions for the
Travelport Worldwide Ltd provides distribution, technology, payment solutions for the travel
Travel is the movement of people between distant geographical locations. Travel can be done by foot, bicycle, automobile, train, boat, bus, airplane, ship or other means, with or without luggage, and can be one way or round trip. Travel c ...
and tourism
Tourism is travel for pleasure or business; also the theory and practice of touring (disambiguation), touring, the business of attracting, accommodating, and entertaining tourists, and the business of operating tour (disambiguation), tours. Th ...
industry. It is the smallest, by revenue, of the top three global distribution system
A global distribution system (GDS) is a computerised network system owned or operated by a company that enables transactions between travel industry service providers, mainly airlines, hotels, car rental companies, and travel agencies. The GDS ma ...
s (GDS) after Amadeus IT Group
Amadeus IT Group, S.A. () is a major Spanish IT provider for the global travel and tourism industry.
Company profile
The company is structured around two areas: its global distribution system and its Information Technology business. Amadeus pro ...
and Sabre Corporation
Sabre Corporation is a travel technology company based in Southlake, Texas. It is the largest global distribution systems provider for air bookings in North America. American Airlines founded the company in 1960, and it was spun off in 2000.
I ...
.
The company also provides IT services
Information technology service management (ITSM) is the activities that are performed by an organization to design, build, deliver, operate and control information technology (IT) services offered to customers.
Differing from more technology-or ...
to airlines, such as shopping, ticketing, and departure control.
History
The company was formed byCendant
Cendant Corporation was an American provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, it broke up and spun off or sold its constituent businesses. Although it was based in New Yo ...
in 2001 following its acquisitions of Galileo GDS Galileo is a computer reservations system (CRS) owned by Travelport. As of 2000, it had a 26.4% share of worldwide CRS airline bookings.
In addition to airline reservations, the Galileo CRS is also used to book train travel, cruises, car rental, ...
for $2.9 billion and CheapTickets
CheapTickets is an online Travel agency, travel services company focusing on the leisure market, offering airline tickets, hotel and vacation rentals, rental cars, customized vacation packages, and cruise ship, cruises. CheapTickets was a wholly ow ...
for $425 million.
In 2004, the company acquired Orbitz for $1.25 billion and Flairview Travel for $88 million.
In 2005, the company acquired eBookers for $350 million and Gullivers Travel Associates for $1.1 billion.
In August 2006, Cendant sold Orbitz
Orbitz.com is a travel fare aggregator website and travel metasearch engine. The website is owned by Orbitz Worldwide, Inc., a subsidiary of Expedia Group. It is headquartered in the Citigroup Center, Chicago, Illinois.
Background
Origina ...
and Galileo to The Blackstone Group
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate bu ...
for $4.3 billion, forming Travelport.
In August 2007, Travelport acquired Worldspan Worldspan is a provider of travel technology and content and a part of the Travelport GDS business. It offers worldwide electronic distribution of travel information, Internet products and connectivity, and e-commerce capabilities for travel agenci ...
for $1.4 billion.
In July 2007, the company completed the partial corporate spin-off
A corporate spin-off, also known as a spin-out, or starburst or hive-off, is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active.
Characte ...
of Orbitz via an initial public offering.
In May 2010, the company acquired Sprice.com.
In 2011, the company sold Gullivers Travel Associates to Kuoni Travel
Kuoni Travel is a tourism company, operating various services including charter and scheduled passenger airlines, package holidays, cruise lines, and hotels in destinations around the world across nine different geographic regions.
The company ...
for $720 million.
On September 25, 2014, the company became a public company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...
via an initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
on the New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
.
In 2015, Travelport acquired Mobile Travel Technologies for €55 million.
Awards
In 2017, Travelport was the first GDS to be awarded theInternational Air Transport Association
The International Air Transport Association (IATA ) is a trade association of the world's airlines founded in 1945. IATA has been described as a cartel since, in addition to setting technical standards for airlines, IATA also organized tariff ...
NDC (New Distribution Capability) Level 3 certification as an aggregator of travel content. In 2018, it became the first GDS operator to manage the live booking of flights using the NDC standard.
Acquisition
On May 30, 2019, the company was acquired by affiliates of Siris Capital Group and Evergreen Coast Capital, an affiliate ofElliott Management Corporation
Elliott Investment Management is an American investment management firm. It is also one of the largest activist funds in the world.
It is the management affiliate of American hedge funds Elliott Associates L.P. and Elliott International Limit ...
, for $4.4 billion.
References
{{Major travel technology companies 2006 mergers and acquisitions 2007 initial public offerings 2014 initial public offerings 2019 mergers and acquisitions The Blackstone Group companies Companies based in Slough Companies formerly listed on the New York Stock Exchange Computer reservation systems Hospitality companies established in 2001 Privately held companies of England Travel technology