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eDreams ODIGEO
Madrid Stock Exchange (BME: EDR).[1]
IndustryTourism
PredecessoreDreams
Founded2011
FounderJavier Pérez-Tenessa
Headquarters
Barcelona
,
Spain
Key people
Dana Dunne, CEO
Websitewww.edreamsodigeo.com

eDreams ODIGEO (sometimes referred to as simply "eDreams") is a Spanish online travel company that was formed in 2011 as the successor of eDreams with the merger of online travel agencies eDreams and GO Voyages, and the acquisition of Opodo (which included Travellink).[2]

The company is the largest online travel group in Europe,[3] and the largest distributor of online flights in the world.[4][5] It has over 18.5 million customers in 43 countries[6] with 40,000 destinations and 575 airlines.[7] The company sells flights, hotels, vacation packages (flight and hotel), train tickets, car rentals, and travel insurance. Its headquarters are in Barcelona with more than 1,700 employees worldwide.[8]

History

In 2010, Axa acquired Go Voyages and Permira acquired eDreams. Axa and Permira merged eDreams and Go Voyages, which jointly acquired Opodo in 2011.[9][10]

EDreams ODIGEO was created in June 2011 when eDreams merged with Go Voyages and Opodo, the three largest European online travel agencies, through two private equity firms, AXA Private Equity and Permira Funds. EDream's co-founder, Javier Perez-Tenessa, became the president of the holding group.[11][12] By March 2014, the company reached €500 million in sales.[13][14]

eDreams Odigeo announced an intention to list on the Madrid, Barcelona, Bilbao and Valencia stock exchanges in early 2014.[15] On April 8, 2014, the company completed its initial public offering on the Bolsa de Madrid, at 10.25 euros per share,[16][17] which valued the company at around $1.5 billion.[18] This was the first ever initial public offering of an Internet startup in Spain.[19] The sale of shares was managed by financial organizations including JPMorgan Chase & Co., Deutsche Bank AG and Jefferies Group LLC.[20][21] It was the first company to go public in Spain since 2011.[22][23][24] However, after five months the stock price had fallen by 60%, reflecting the shared challenges of a difficult European IPO market.[25] The stock later stabilized, with significant gains in share price including 160% gain in 2016.[26]

In January 2015, eDreams announced that former Chief Operating Officer Dana Dunne was promoted to CEO.[27][28] Previous CEO Javier Perez-Tenessa became honorary chairman.[29][30] That December, Odigeo opened new offices in Barcelona on Bailén Street.[31][32]

The company received industry awards including "Best Online Travel Partner Global 2015" (CFI.co), "Best Flight Booking Website 2015" (British Travel Awards) and "Best international Expansion" (eAwards – EMOTA).[33][34][35]

In June 2016, it launched free intelligent push notifications on mobile apps for iOS and Android devices, so that travelers can be notified of any flight delays, cancellations and diversions as well as gate announcements and baggage claim areas.

Odigeo acquired the BudgetPlaces brand and portfolio from EnGrande in January 2017.[36]

After completing a strategic review in November 2017 compiled by Morgan Stanley,[37][38][39] it was announced that Odigeo was considering takeover bids in January 2018.[40] In March 2018, it was reported that Odigeo would not accept the unsolicited offers from potential investors.[41] The company announced it would transform its business model based on income diversification and price policy change.[42]

Odigeo released a flight cancellation guarantee in May 2018 so that customers are able to cancel flights the day of a scheduled flight with an 80 percent refund of the ticket price for any reason.[43][44][45] The policy gives travelers flexibility through the availability of a refund,[46][47] with a maximum refund limit per person.[48][49]

Brands

EDreams Odigeo has five brands that offer flights, hotels, car rentals and vacation packages.[50]

eDreams

EDreams was the first internet travel company in Europe[50] and first online travel agency in Spain.[51]

In 1999, eDreams was founded in Silicon Valley by Javier Perez-Tenessa, James Hare and Mauricio Prieto.[52]

Opodo

A joint venture between nine European airlines including Aer Lingus, Air France, Alitalia, Austrian Airlines, British Airways, Finnair, Iberia, KLM and Lufthansa in August 2000 created a new company, Opodo. Amadeus took a controlling stake in the company in 2004, and increased its stake to 99.74 percent in 2008. In 2009, Amadeus took control of 100 percent of Opodo's stake after acquiring AirLingus' shares. Amadeus sold Opodo to AXA Private Equity and Permira funds in February 2011.[53] Opodo continues to operate as a leading online travel agency in the UK.[54][55]

Go Voyages

Go Voyages is a travel service company that manages airline tickets, hotel bookings, weekend stay and flight management.[56] It is a leader in the French market.[50]

Travellink was founding in 2000 and was acquired by Opodo in 2005. It became part of Odigeo with Opodo.[57] Travellink is the number one travel company in Scandinavian countries.[50] In 2016, Odigeo sold the corporate travel business of Travellink in German, Sweden, Finland, Norway and Denmark to Flight Center Travel.[57]

Liligo

In 2005, the travel search engine Liligo was established. It raised two finding rounds, including a 3 million euro round in 2008. In 2010, Liligo was acquired by Voyages-SNCF.com.[58] Liligo was acquired by Odigeo in 2013. The company operates in Hungary.[50]

Corporate affairs

The leadership team includes Dana Dunne (Chief Executive Officer), David Elizaga (Chief Financial Officer) and Gerrit Goedkoop (Chief Operating Officer)[59] as well as Carsten Bernhard (Chief Technology Officer) and Juan Jose Duran (Chief Marketing Officer).[60]

Philip Wolf serves as chairman and Javier Perez-Tenessa is honorary chairman.[61] The Board of the Company includes Robert A. Gray, Dana Dunne, David Elizage, Philippe Poletti, Lise Fauconnier, Benoit Vauchy, Pedro López and Amanda Wills.[62]

References

  1. ^ Ruth David and Manuel Baigorri (March 6, 2014). "Permira's EDreams Odigeo Announces IPO Plan for Madrid Listing". Bloomberg News.
  2. ^ May, Kevin (July 3, 2011). "Opodo-eDreams-GoVoyages lauded as new European agency powerhouse". Phocuswire.
  3. ^ "La competencia online en Europa es 'rabiosa', según eDreams" (in Spanish). Hosteltur. June 3, 2013.
  4. ^ "Voyage en ligne: eDreams Odigeo supprime un tiers des emplois en France" (in French). L'Expansion. November 28, 2014.
  5. ^ "EDREAMS: Una empresa no apta para inversores vitalicios" (in Spanish). Gesptrobolsa.
  6. ^ Sorrells, Mitra (April 17, 2018). "Machine learning drives 50% increase in flight bookings for eDreams ODIGEO". Phocuswire.
  7. ^ "eDreams Odigeo devolverá el 80% del precio de los billetes si se cancela hasta 24 horas antes" (in Spanish). Agent Travel. May 29, 2018.
  8. ^ "Company overview". eDreams ODIGEO.
  9. ^ Raul Huerta (November 1, 2011). "OdigeO, resultante de la fusión de eDreams, Opodo, Go Voyages y Travellink, será el primer grupo europeo de agencias de viajes online" (in Spanish). Preferente.
  10. ^ Marine Rabreau (September 2, 2011). "Opodo, Go Voyages et eDreams fusionnent" (in French). Le Figaro.
  11. ^ "Opodo-eDreams-GoVoyages完成合并" (in Chinese). Travel Daily. June 7, 2011.
  12. ^ "- ODIGEO Media Kit" (PDF). Archived from the original on 2013-09-21. Retrieved 2017-02-16.
  13. ^ eDreams ODIGEO Consolidated Annual Report March 2014
  14. ^ "Odigeo: 'Google es un buen partner y tiene interés en continuar como tal'" (in Spanish). Hosteltur. November 7, 2012.
  15. ^ Fox, Linda (March 7, 2014). "eDreams Odigeo to list on Madrid Stock Exchange". Phocuswire.
  16. ^ "The actions of eDreams Odigeo soar 13.81% after announcing their results" (in Spanish). Expansion. August 27, 2015.
  17. ^ "After IPO, eDreams Odigeo shares plummet 75% in 5 months". Tech.eu. September 11, 2014.
  18. ^ Spain's eDreams Odigeo valued at $1.5 bln in IPO
  19. ^ "Spain's eDreams Odigeo valued at $1.5 bln in IPO". Reuters. April 3, 2014.
  20. ^ Baigorri, Manuel (April 3, 2014). "eDreams Odigeo Prices IPO at $1.5 Billion Market Cap". Skift.
  21. ^ "eDreams: próximo destino, la Bolsa" (in Spanish). ABC Economia. March 6, 2014.
  22. ^ Alex Barrera (February 13, 2014). "Online travel giant Odigeo (eDreams) prepares to float; plans to go public at $1.5 billion valuation". TechEU.
  23. ^ Barrera, Alex (September 11, 2014). "Spanish online travel agency eDreams Odigeo gets a rude awakening from its IPO dream as shares plummet 75% in 5 months". TechEU.
  24. ^ Buck, Tobias (April 8, 2014). "Spain hails eDreams Odigeo IPO as sign of recovery". Financial Times.
  25. ^ O'Neil, Sean (August 29, 2014). "Down 60%, eDreams Odigeo shares try to escape post-IPO nightmare". Phocuswire.
  26. ^ "eDreams shares rise 160% in the last year".
  27. ^ Sean O’Neill (May 4, 2017). "Interview: eDreams Odigeo CEO Touts the Road Back From Post-IPO Nightmare". Skift.
  28. ^ Hayhurst, Lee (May 22, 2015). "Interview: eDreams Odigeo chief Dana Dunne". Travolution.
  29. ^ Christophe Palierse (January 26, 2015). "Nouvelle donne pour le voyagiste eDreams Odigeo" (in French). Les Echos.
  30. ^ Fox, Linda (January 27, 2015). "eDreams Odigeo opens new chapter with CEO switch". Phocuswire.
  31. ^ "Economy / Companies.- eDreams Odigeo opens new offices in Barcelona, where 1,000 employees work". La Vanguardia. December 16, 2015.
  32. ^ "eDreams ODIGEO estrena sus nuevas oficinas en Barcelona" (in Spanish). eCommerce News. December 17, 2015.
  33. ^ "European eCommerce and Omni-Channel Trade Association". European eCommerce and Omni-Channel Trade Association. Retrieved 2016-06-16.
  34. ^ Thompson, Nigel (2015-11-25). "ALL the fantastic 2015 British Travel Awards prize winners #BTA15". mirror. Retrieved 2016-06-16.
  35. ^ "eDreams ODIGEO: Best Online Travel Partner 2015 - Capital Finance International Awards". CFI.co. November 24, 2015.
  36. ^ May, Kevin (January 17, 2017). "eDreams Odigeo acquires hotel booking site BudgetPlaces". Phocuswire.
  37. ^ Whyte, Patrick (November 2, 2017). "eDreams Odigeo to Explore Sale After Attracting Interest From Potential Investors". Skift.
  38. ^ Christophe Palierse (November 5, 2017). "Le voyagiste eDreams Odigeo en quête d'alliance" (in French). Les Echos.
  39. ^ "Crollo in Borsa per eDreams ODIGEO: -28,9% dopo la decisione di non aprire a nuovi investitori" (in Italian). Webitmag. March 12, 2018.
  40. ^ Ben Harrington (January 28, 2018). "Online travel agent eDreams Odigeo faces cut-price sale". The Sunday Times.
  41. ^ "eDreams ODIGEO rejects takeover bids". Travel Mole. March 8, 2018.
  42. ^ "eDreams se desploma un 29% al no haber encontrado inversores" (in Spanish). El Confidencial. August 3, 2018.
  43. ^ "eDreams ODIGEO facilite l'annulation de vols" (in French). Tour Magazine. May 29, 2018.
  44. ^ "eDreams Odigeo refuerza su oferta de vuelos flexibles" (in Spanish). Expreso. June 5, 2018.
  45. ^ "eDreams Odigeo lancia la garanzia annullamento volo fino a 24 ore dalla partenza" (in Italian). Webitmag. May 29, 2018.
  46. ^ "eDreams Odigeo introduce 'Annulla per qualsiasi motivo'" (in Italian). Guida Viaggi. May 20, 2018.
  47. ^ "eDreams Odigeo permite devolver el 80% del precio de los billetes si se cancelan hasta 24 horas antes" (in Spanish). La Vanguardia. May 29, 2018.
  48. ^ "eDreams Odigeo refuerza su oferta de vuelos y permitirá la cancelación de viajes" (in Spanish). EFE Empresas. May 29, 2018.
  49. ^ "eDreams Odigeo acepta anulaciones de última hora" (in Spanish). Nexotur. May 30, 2018.
  50. ^ a b c d e Anna Valles (May 22, 2018). "Este señor sin corbata ha conseguido que viajes más, mejor y más barato" (in Spanish). Revista GQ.
  51. ^ "Interview With Javier Bellido: eDreams CEO in Spain". WTC Barcelona.
  52. ^ "History". eDreams ODIGEO. 2014-06-20. Retrieved 2016-09-07.
  53. ^ May, Kevin (February 9, 2011). "Amadeus sells Opodo for Euro 450M to AXA and Permira". Phocuswire.
  54. ^ Adam Turner (March 5, 2018). "Opodo reveals the best time to book cheap flights". The London Economic.
  55. ^ Ella Wills (April 15, 2018). "Royal Wedding 2018 secures major tourism boost for London and Windsor as Airbnb reveals 1438% bookings surge". Evening Standard.
  56. ^ "Go Voyages SA". Bloomberg.
  57. ^ a b "eDreams Odigeo vende su marca corporativa Travellink". Hosteltur. September 27, 2016.
  58. ^ "Travel search engine Liligo acquired for 20-30 million euros". TechCrunch. September 23, 2010.
  59. ^ "Leadership - eDreams ODIGEO". eDreams ODIGEO. Retrieved 2017-01-10.
  60. ^ "Chief Marketing Officer".
  61. ^ Schaal, Dennis (26 January 2015). "eDreams Shuffles CEOs and Appoints Philip Wolf as Chairman". Skift.
  62. ^ "Board of Directors". eDreams ODIGEO.
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