Travel industry software specialist peakwork has attracted a 15.4% investment from Tui for an undisclosed sum as the travel giant looks to embrace digital technology to spur future growth.
Investment arm Tui Ventures has become the Düsseldorf-based company’s first anchor investor. The company is planning to attract further investors.
The deal paves the way for the two partners to establish a global market standard for the distribution of tourism services.
Peakwork’s Player-Hub technology and the growing global partner network “offer an ideal basis to meet the increasing requirements in tourism on an international level,” Tui Group said.
Tui has already used Peakwork technology for its dynamic packaging business model, for instance in Spain and Portugal.
Tui Group strategy director Frank Rosenberger said: “Digitalisation is a key building block for accelerated, future growth at Tui.
“The acquisition of the stake in Peakwork marks our entry into an innovative IT technology and a highly scalable business, aimed at further accelerating the pace of TUI’s growth.
“For a continued expansion of our portfolio of differentiated products and services, we need the technologies offering these products and services to our customers in a fast, transparent and tailored manner through all distribution channels.
“At the same time we have the opportunity to develop the digital backbone of the tourism sector, the whole industry will benefit from that.”
Peakwork chairman Ralf Usbeck added: “We are receiving many inquiries from all over the world for investments in Peakwork and have therefore decided to drive our further growth ahead with our strong strategic partners.
“We want to grow further and develop our technology platform into a global market standard for the tourism industry.
“We are delighted to have won Tui as our first anchor investor, and are now planning to attract additional investors.”