Travelsoft cements global presence with three new major acquisitions

TravelgateX, ATCORE Technology, and Travel Connection Technology will join the group

Travel tech group Travelsoft has announced three acquisitions to its growing portfolio of companies.

Spanish firm TravelgateX, UK-born ATCORE Technology, and Romania-based Travel Connection Technology are the latest acquisitions, which sees it become a global player in technology solutions for the leisure travel industry with the group’s technology processing €35 billion in transactions annually.

This news comes after TravelgateX revealed yesterday that it had joined the group in front of more than 450 attendees at its annual partner conference, CON-X in Mallorca.

The new inclusions into the group mean that Travelsoft -which previously acquired Eventiz Group in May this year, Travel Compositor in 2023, and Traffics in 2022 - now has a presence in over 80 countries, with 400 major clients and 1,000 travel suppliers globally. 

Its recurring revenues reaching €100 million annually leaves room for "strong" organic growth potential ahead as the group now believes it able to "address all issues faced by tourism companies" as well as destinations (DMOs) and tourism boards.

As with each of the previous Travelsoft acquisitions, each brand will maintain strong autonomy, including keeping itsnames, brand identities, leadership teams and technology platforms.

As part of this, Pedro Camara and Sandra Chinappen from TravelgateX; Dave Cruickshank, Andy Lennon and Mike Wright from ATCORE Technologyl and Alexandru Elisei from Travel Connection Technology will remain in their leadership positions.

The recent acquisitions were made possible due to "significant" reinvestment by Christian Sabbagh and CAPZA, who "strongly believe" in the potential of this combination and the opportunities it will provide for the group.

Christian Sabbagh, founder and CEO of Travelsoft, said the deal was a step forward. He said: “These three acquisitions represent a quantum leap for us as we take a giant step forward in our mission to become the global leader in travel SaaS. 

"But we won’t stop here and remain committed to further growth through both innovation and further acquisitions too.

"The addition of TravelgateX, ATCORE Technology and Travel Connection Technology, each with cutting-edge technology and outstanding leadership teams, further increases our value and relevance to clients and supplier partners around the world – whilst creating many synergies and innovation opportunities within the group that partners will quickly benefit from.”

Guillaume Basquin, partner of CAPZA Flex Equity Mid-Market, said: "We are thrilled to announce this significant milestone for Travelsoft, which enables the group to more than double its size just eight months after our initial investment. 

"This achievement will considerably strengthen the group’s leadership in Europe particularly. 

"Backing talented and visionary founders like Christian and managers in their efforts to consolidate their market internationally forms the DNA of our flexible investment strategy. 

"This will also accelerate our ESG roadmap to provide our customers with best-in-class green travel services.”

Pedro Camara, founder and CEO of TravelgateX, said: “Combining ourselves with Travelsoft’s now six other excellent businesses makes for a group greater than the sum of its parts, which is an unmissable opportunity to everyone’s mutual benefit.” 

ATCORE Technology CEO Dave Cruickshank added: “For many years we have admired Travelsoft and becoming part of the group is an exciting next step that will further drive our growth and innovation.” 

While Flor Kassai, partner and head of Inflexion’s Buyout Fund, spoke of its partnership with ATCORE. She said: “We would like to thank the ATCORE team for their hard work and commitment during our partnership. 

"We leave the business in safe hands to continue to scale under its new ownership.”

Travel Connection Technology are also said to be "very excited" to join the Travelsoft family as the firm feels it has "so much" to offer the group's customer base. 

Travelsoft as a group now employs over 600 travel technology experts worldwide, under seven brand names.

This includes Orchestra in France; Traffics in Germany and Eastern Europe; Travel Compositor in Spain, Southern Europe, LATAM and Asia; Eventiz Group in France; ATCORE Technology in the UK; TravelgateX in Spain and Travel Connection Technology in Romania.