TTE 2016: Momondo chief reveals ‘kick-ass business’ aim and raises float prospect

TTE 2016: Momondo chief reveals ‘kick-ass business’ aim and raises float prospect

The chief executive of Momondo Group has revealed the brand would consider floating the business in coming years.

The group, which owns Cheapflights, was valued at £132 million after attracting an £80 million cash investment from Boston-based Great Hill Partners in October 2014.

“When they invested in us they had a clear goal of trebling the value in three years,” said Momondo Group chief executive Hugo Burge at Travel Technology Europe 2016.

“I think we’re on track to do that and I believe that we can do much better.

“It’s important to me that we have an independent standalone story.

“I’d like us to have the opportunity to stand on our own two feet and potentially float the business if that’s what we feel is right down the road.

“But one year in with our investment this is not my focus. My focus is on building a kick-ass business that is in control of its destiny.”

Burge said while metasearch is a “sweet spot” for travel – citing Momondo Group’s estimate that metasearch is growing 40% year on year – he believes multiple lead-generators will remain.

“Nobody wants to be overly-reliant on one channel,” he said.

“Metasearch is one really important channel but most most of our partners are multi-channel players and work across meta, Google and social media.

“I think metasearch offers an advantage as it is more transparent and simple for consumers.

“We see a small pack of metasearch businesses driving change at the moment.

“It’s really about internationalisation driven by the mobile experience.

“Over 60% of Cheapflights’ traffic is already mobile and when we look at growth markets it’s driven by mobile growth, so we’re excited to be on that wave.”

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