Mooreland Continues as Active Advisor to the Travel and Hospitality Tech Market; Signature Transaction for Mooreland’s Emerging China Cross-Border Practice
NEW YORK – April 7, 2016 – Mooreland Partners, the leading independent investment bank providing M&A and private capital advisory services to the global technology industry, today announced that it acted as the exclusive financial advisor to TravelSky Technology Limited on its acquisition of OpenJaw Technologies Limited, a subsidiary of GuestLogix, Inc. The transaction is expected to close on or before May 6, 2016, subject to customary closing conditions.
Headquartered in Beijing, TravelSky Technology provides software and related services to the aviation and travel industries in the People’s Republic of China. Its services include electronic travel distribution, airport passenger processing, reservation system maintenance, e-ticketing, and information management for airlines. Since its founding in 2000, TravelSky has grown revenue to over $840 million and is now one of the three largest global providers of travel distribution services and technology, and is the largest in China.
OpenJaw, based in Dublin, Ireland, provides bookings and travel packaging software that is integrated into a comprehensive online retail platform called t-Retail. The company is a key player in global travel technology, serving airlines, hotels, loyalty programs and OTAs, with customers including Cathay Pacific, British Airways, S7 Airlines, Four Seasons, and others.
“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,” said Lawrence Phillips, Managing Director, Mooreland Partners. “Online booking and travel packaging software has become increasingly vital as the market for travel packaging and ancillary services continues to soar,” continued Phillips.
Mooreland has worked with a substantial number of clients in the travel, retail and hospitality technology segments over the last several years. The firm has successfully completed transactions in mobile travel applications, retail software and travel technology.
“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,” said Louis Jeng, Executive Director, Mooreland Partners.
The acquisition was completed through a previously announced court-approved sale and investment solicitation process (SISP) conducted under the Companies’ Creditors Arrangement Act (CCAA), subsequent to the filing by GuestLogix for bankruptcy protection. The transaction is subject to the approval of the Ontario (Canada) Superior Court Justice as well as certain other conditions. Upon the closing of the acquisition, OpenJaw will become a wholly-owned subsidiary of TravelSky.