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Travel Technology
Investors across the board are looking to manage their risk. As a result, they
typically look for the following characteristics:
There is no “one size fits all approach”. You need to match your/the company’s
needs with the funds that are available/appropriate. Take advice early
Be aware of the variety of different sources of funding (e.g. family/friends,
angels, VCs/private equity, debt providers/banks)
Adopt a structured process; begin at least six months before you need the
cash, ideally nine months
Understand your ‘walk away’ position
Target funders selectively at first
Create a competitive tension if possible
Do not take your eye off the ball
Once you’ve shaken on a deal, beware of chiselling
Always aim to keep an interested investor in reserve
How should you go about developing a Business
Plan & Model ?
Contents:
Executive Summary
History & Background
Management: proven; balanced; ambitious
Products & Services: USPs; IPs; roadmap
Market: defensible niche in sustainable growth market?
Customers: quality of clients, relationships, sales pipeline
Strategy & Prospects: growth, growth, growth
Financial Summary: historic & forecast results
Specific Issues: pensions, environmental, bonding
How can travel technology entrepreneurs
maximise value from this sector?
Define your own personal objectives e.g. lifestyle vs build and sell
Map out your exit strategy and process
Get your business in good shape prior to an exit; early appointment of specialist advisors
Establish a list of potential acquirers for your business
Understand the rationale of potential acquirers:
− Market share/position
− Critical mass
− Growth prospects
− Geographic expansion
− Customers
− Profits – absolute and margins
− Intellectual Property / New Product
− Management
− Stop the competition
− Timing
Key is to make it a “must have” acquisition rather than a “nice to have” bolt on
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1997:
Dublin operation commences
1998:
Contracts signed with 4 Airlines,
2 Online Travel Agencies and Worldspan
1999:
Austrian Airlines
KLM-Alitalia
Air Tickets Direct/Travelocity UK
July: Trinity Venture Capital investment
2000:
Thomas Cook
Virgin.com/travel; Virgin Travelstore
Qualiflyer Group
Delta Air Lines
Northwest Airlines
April: Move to new Headquarters
August: Development Centre opened
in Krakow, Poland
Travel Technology Case Study
Travel Technology Case Study
Sabre acquires Gradient
The high-tech bubble did burst in late 2000 following a spate of deals in travel
technology sector
There has been significant Mergers & Acquisitions (M&A) activity in online travel
and specialist tour operating, fuelled by the growth strategies of Cendant,
Interactive/Expedia, Sabre/lastminute.com, Amadeus
Pure travel technology M&A has been quieter, save for:
− hotel technology companies enabling GDS Merchant Hotel plays
− “tuck-in” airline software companies to broaden the offerings of the mega-
airline IT players
− travel search engines, the new “sexy” sector
Signs of an uplift in valuations and the volume of transactions
Investment Focus
Investment in Travel Technology Specialists and Software Companies
Thanks!