||This article appears to contain a large number of buzzwords. (November 2011)|
|Type||Public, symbol of TVPT|
|Founded||2001 (United States)|
|Key people||Gordon Wilson, President and CEO;
Douglas Steenland, Chairman - Board of Directors ;
Philip Emery, CFO;
Kurt Ekert, Chief Commercial Officer
|Revenue||US$ 2.1 billion|
|Subsidiaries||Travelport includes Travelport Apollo, Travelport Galileo and Travelport Worldspan|
Travelport is a Travel Commerce Platform providing distribution, technology, payment and other solutions for the $7 trillion global travel and tourism industry. With a presence in over 170 countries, approximately 3,400 employees and 2013 net revenue of $2.1 billion, Travelport is composed of:
• A Travel Commerce Platform through which it facilitates travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary business to business (“B2B”) travel marketplace. In addition, Travelport has leveraged its domain expertise in the travel industry to design a pioneering B2B payment solution that addresses the needs of travel intermediaries to efficiently and securely settle travel transactions.
• Technology Services through which it provides critical IT services to airlines, such as shopping, ticketing, departure control and other solutions, enabling them to focus on their core business competencies and reduce costs.
Travelport is headquartered in Langley, UK. The company recently completed its initial public offering on the New York Stock Exchange and trades under the symbol “TVPT”.
Travelport traces its origins back to 1971, but its most immediate predecessor, Travel Distribution Services (TDS), was founded in 2001 through the acquisition of Galileo International by TDS's parent, Cendant Corporation. Travelport was formed in August 2006, when Cendant sold Orbitz and Galileo to The Blackstone Group in a deal valued at $4.3 billion.
In April 2006, shortly before Travelport was sold, Cendant hired Jeff Clarke as president and CEO of Travel Distribution Services to lead the sale of the division. He is currently a member of the board of directors of Travelport and chairman of the board of Orbitz Worldwide, Inc. Gordon Wilson was appointed President and CEO of the company and a member of the board of directors of Travelport in June 2011.
Shortly after the Blackstone-led buyout, in December 2006, Travelport struck a deal to buy one of its rivals, Worldspan, for $1.4 billion.
In May 2007 the company filed a registration statement with the U.S. Securities and Exchange Commission to sell a portion of Orbitz Worldwide in an initial public offering (IPO). The IPO was priced on July 20, 2007, opening at $15.00 per share, and closed on July 25, 2007. A month later, Travelport completed the Worldspan deal, integrating Worldspan with Galileo.
By combining operations with Worldspan and streamlining overlapping functions that Travelport had inherited from a string of more than 20 earlier mergers under Cendant, Travelport cut its overhead by $390 million in three years and doubled its cash flow.
On September 19, 2007, Travelport became the first travel company to receive a 100 percent rating on the sixth annual Corporate Equality Index awarded by the American Human Rights Campaign Foundation. Worldspan achieved the 100 percent rating on HRC's Corporate Equality Index in 2002, 2003, 2004 and 2005.
On May 5, 2011, Travelport completed the $720m sale of its GTA (Gullivers Travel Associates) business to Kuoni, in line with its strategic plan to focus on maximizing the potential of its core business.
- David Carey and John E. Morris, King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and Blackstone (Crown 2010), pp. 314-18.
- Ibid., p. 317.
- Ferris, Bev. "Travelport gets human rights accolade", travelmole.com, September 19, 2007. Accessed September 27, 2007.
- Travelport website
- Travelport ViewTrip, public site for viewing reservations made through Travelport's Galileo and Apollo computer reservations systems