Lowcosttravel has struck a deal to sell its technology arm Intuitive to its management in a private equity backed buyout.
The deal, for an undisclosed sum, has been agreed with the existing management team of Intuitive and NVM Private Equity Limited, an independent UK buyout specialist.
Lowcosttravel Group has been a significant investor in the software business over the last five years and is rolling out its tour operating platform iVector to 45 countries globally as part of a multi-million pound contract with the now independent Intuitive.
Lowcost said in a statement: “this will allow Lowcosttravel Group to continue its rapid growth plans on the back of its recent, highly successful launch into Europe”.
Paul Evans, chief executive of the Lowcosttravel Group said: ”We are very pleased to be working with Intuitive and NVM going forward.
“This disposal completes the reorganisation of the group started earlier this year to refocus our operations on the core lowcostbeds and lowcostholidays.com businesses that continue to grow very strongly both in the UK and particularly internationally.
“This deal significantly strengthens the financial position of the group and enables us to accelerate our spectacular global growth”.
Paul Nixon, managing director of Intuitive, added: “This significant investment by NVM underpins the next stage of our growth as we aim to become a global leader in the provision of software to the online travel sector. We are delighted to have NVM supporting our business and the management team.”
Peter Hodson, director of NVM Private Equity, said: “We are very excited to be backing Paul Nixon and his team as they embark on Intuitive’s next phase of growth.
“We recognise the market leading status of the iVector software platform and believe there is a significant opportunity to grow the business within the on-line travel industry in international markets.”
Lowcost has agreed three significant deals for parts of its business in recent months, having also sold transfers specialist Resorthoppa and Ideal Cruising as it concentates on its core activity and overseas expansion.