Flash sale specialist Secret Escapes has taken over a firm which claims to be the leading travel deals and experiences company in central and eastern Europe.
No figure was put on the cost of the acquisition of Slevomat Group which operates in the Czech Republic and Slovakia.
The deal bolsters Secret Escapes’ foothold in the region, making central and eastern Europe the company’s third largest business behind Germany and the UK.
Secret Escapes already runs the market-leading Travelist business in Poland and and fast-growing Travelist sites in the Czech Republic, Slovakia and Hungary.
Founded in 2010 by Tomáš Čupr, Slevomat.cz has become one of the best-known ecommerce brands in the Czech Republic and Slovakia, selling travel and lifestyle experiences to more than 1.3 million customers and producing a turnover of almost €100 million this year.
Slevomat.cz, which will retain its brand and business structure and will expand its international hotel and holiday deals offering by reciprocally offering Secret Escapes and Travelist content on its platform.
The acquisition will enable growth and acceleration in both companies through shared expertise on operational processes, marketing strategy and technology, such as dynamic packaging, which has recently launched on Secret Escapes’ UK site.
Chief executive Alex Saint said: “Since we launched our own Travelist brand in central Europe last year, we have always known that there is huge potential in the region for travel deals businesses, and the acquisition of Slevomat allows us to accelerate our growth in the region.
“We believe that the deal offers a great opportunity for both businesses to learn and flourish together.”
Čupr added: “The successful exit of Slevomat could significantly help the technology sector in the Czech Republic.
“In Estonia, proceeds from the sale of Skype enabled a wave of investments into many innovative projects, resulting in the country, despite its small size, becoming a world-leading digital player.
“I am excited to see a similar success story here with the sale of Slevomat.”