Comtec chief executive Mike Russell has completed a buyout of the company for an undisclosed sum with backing from its original founder Simon Powell and investor Finance Wales.
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Comtec acquired by chief executive Mike Russell
Comtec chief executive Mike Russell has completed a buyout of the company for an undisclosed sum with backing from its original founder Simon Powell and investor Finance Wales.
The company, which is based in Cwmbran, South Wales, is a travel technology supplier which works with companies including dnata, Tui Travel and Thomas Cook.
It was founded in 1995 by Powell, and was sold in a management buyout backed by RJD Partners in 2008.
Russell, who was previously chief executive of Vertical Systems, said his immediate aim was to develop new customer relationships, launch new products and grow Comtec’s existing client base.
He said: “We are delighted to have completed this buyout and secured capital to build upon our exciting innovation and development plans. Our products are well established in the market and we have a brilliant customer base.
“Our aim is to continue the re-engineering and development of our products to meet the needs of the tour operators, retailers and travellers of the future. We will build on this investment and strong customer relationships to build a real force in the sector.
“The return to Comtec of Simon Powell, the founder, creates a real powerhouse which is sure to lead to interesting developments.”
Powell said: “Comtec has been internally focused more recently and I am delighted that it has now secured new financing to capitalise on its future potential. Great strides have been made in recent years in quality of development and delivery. We are very much open for business and are already working on some large and exciting projects for our customers.”
Stephen Stolliday, senior investment executive at Finance Wales said: “We’re delighted to back the latest phase in Comtec’s growth. Comtec is an established Welsh company with a strong reputation and an impressive list of blue-chip customers. Mike and Simon now have some exciting plans to expand in Europe as well as the US and we wish them well.”
Russell confirmed that a number of unnamed travel industry individuals had also invested alongside the buyout team and Finance Wales.
He added: “Over the last 18 months Comtec has invested heavily in its next-generation systems aimed at the specialist tour operator market. Every aspect of interaction with our product is being rejuvenated, be it customer, agent, sales team or other systems interfacing with our own.
“The new face of our product set works brilliantly across all platforms and can be easily tailored to suit the requirements of our customers”.
