Latest News
Flight Centre Becomes Largest Individual Shareholder in The Upside Travel Company
Flight Centre Group (ASX:FLT), continues to strengthen its rapidly growing global corporate travel business, today announcing a strategic investment in The Upside Travel Company (“Upside”), the corporate travel company launched in 2017 by Priceline founder Jay Walker.
FLT’s investment is for a 25% interest in Upside which will see it become the business’s largest individual shareholder providing access to Upside’s travel technology platform and software development resources. As part of the agreement, the parties also entered into a commercial deal that covers cooperation on various distribution initiatives that combine FLT’s deep understanding of the corporate travel space with Upside’s powerful technical assets.
With this deal, FLT improves its technology capabilities, specifically in the small-and-midsize corporate market. FLT plans to leverage Upside’s technology platform to continue the digital enablement of its Corporate Traveler business, pairing the proficiency of its people with cutting edge artificial intelligence and machine learning models. The investment also adds Washington, DC to the expanding global list of FLT “Lab” locations following the recent investment in Bangkok-based 30SecondsToFly, and the acquisition of the award-winning mobile app Sam :] in Barcelona last month.
“We have been impressed by the capability and flexibility of Upside’s technology and team to improve the business traveler experience. Its use of machine learning models to dynamically price business travel packages in real-time to save clients money while increasing traveler options is just one example of Upside’s best in class technology,” according to Dean Smith, President of FLT’s Americas operations.
For Upside, the deal substantially bolsters the company’s product offering to the small corporate market, where it will continue to operate under the Upside brand. Access to FLT’s supplier relationships and global reach expands Upside’s inventory and enhances its ongoing software development with a broader set of travel data inputs.
“FLT is the perfect partner for Upside as we get aggressive in serving small corporate clients. Not only does FLT’s global scale, content, and experience immediately make our product more complete, but FLT’s people and expertise also make us smarter, which is key as we accelerate into the future.” said Jay Walker, CEO of Upside.
The Upside product will soon take advantage of the emerging standards called Next-Generation Storefront, which are being developed by ATPCO in collaboration with airline and industry leaders. Incorporating the new standards for product display is a top post-investment priority for both parties and is expected to take place in Q2 of 2019. “It’s promising to see FLT and Upside work together on providing the best traveler experience possible by making NGS a priority so flight shoppers can compare like-type products on third party channels. We’re inspired to see so many channels taking a step forward to transform flight shopping” said Gianni Cataldo, Head of Research & Development, at ATPCO.
Jefferies LLC served as the sole financial advisor to Upside.
SOURCE Flight Centre Travel Group (Canada) Inc.
Blockchain
Victory Square Technologies Reports 2023 Financial Results
Blockchain
United States B2C E-Commerce & Online Payments Market Report 2024 – Retail E-Commerce Sales are Poised to Surpass EUR 1.5 Trillion by 2027
Blockchain
BioMatrix Revealed as the Surprising Contender at TOKEN2049: Launches Beta App to Redefine Inclusive Finance via Universal Basic Income
-
Blockchain6 days ago
39% of Canada’s institutional investors have exposure to crypto: KPMG
-
Blockchain5 days ago
Existing Blockchains Can’t Adopt Post-Quantum Cryptography Without Significant User Impact, Says Johann Polecsak
-
Blockchain6 days ago
BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests
-
Blockchain2 days ago
RFK Jr.’s blockchain idea, Ethereum ETF approval in question, Bitcoin’s unlikely bull run | Weekly Recap
-
Blockchain Press Releases1 day ago
CoinRoutes partners with Coinbase International Exchange to improve institutional access to perpetual futures
-
Blockchain Press Releases2 days ago
Bosera HashKey Bitcoin and Ether Spot ETFs Officially Launch on HKEX with Two-Way Investment Flexibility
-
Blockchain5 days ago
FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers
-
Blockchain6 days ago
FAIRWINDS Credit Union Joins Metal Blockchain’s Banking Innovation Program