Crank out the champagne, Helloworld is continuing its buying-spree with yet another acquisition to add to its already mammoth list.
Helloworld announced today that is has agreed to buy web-based flight booking tech provider and skiddoo.com.au operator, Flight Systems Pty Ltd.
In a statement on ASX, Helloworld said the acquisition, which is expected to be completed by the end of March, will include 100 per cent of the business and is to be funded from existing cash reserves.
The business is expected to make TTV of over $80 million in the 2018 financial year.
It comes just two weeks after the completion of Helloworld’s acquisition of Magellan Travel Group, as part of the company’s strategy to improve its leisure and corporate technologies.
“The acquisition would also strengthen the business and technology suite in its corporate and leisure wholesale operations,” Helloworld CEO Andrew Burnes said in a statement on ASX.
“Flight Systems would provide the company with a low risk and low-cost entry to some sophisticated distribution technologies to incorporate into the rapidly developing ResWorld agency platform which is being rolled out during 2018.”
“Flight systems is an established business with proven technologies and takes us significantly forward in the expansion of our system’s capabilities across the business.”
The new technologies will benefit agents by allowing them to provide their customers with 24/7 bookability via their own branded portals, providing customers with more choice, and delivering greater efficiencies for all the Helloworld networks.
Since the beginning of 2017, Helloworld has completed four other acquisitions in its three operating divisions of leisure travel, corporate travel and wholesaling, including cruise data manager the Cruise Factory, wholesaler Seven Seas Cruising, home-based travel agency MTA and most recently Magellan Travel Group.