Travelport

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Travelport
Public
Traded as
Industry Travel technology
Founded 2001 (United States)
Headquarters Langley, Berkshire,
UK
Key people
Gordon Wilson, President and CEO;
Douglas Steenland, Chairman - Board of Directors;
Bernard Bot, CFO;
Stephen Shurrock, CCO
Revenue US$ 2.45 billion in 2017
Number of employees
Approximately 4,000
Subsidiaries Travelport includes Travelport Apollo, Travelport Galileo and Travelport Worldspan, Travelport Digital
Website www.travelport.com

Travelport Worldwide Ltd is a UK-headquartered tech company listed on the NYSE with an annual turnover of over $2.3bn in 2016. Its travel commerce platform provides distribution, technology, payment and other solutions for the travel and tourism industry.

Company[edit]

Travelport is headquartered in Langley, Berkshire. On September 25, 2014, the company completed an initial public offering on the New York Stock Exchange and trades under the symbol “TVPT”.[1]

History[edit]

Travelport offices in Cumberland, Georgia

Travelport traces its origins back to 1971,[further explanation needed] 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.[2] Shortly after the Blackstone-led buyout, in December 2006, Travelport struck a deal to buy one of its rivals, Worldspan, for $1.4 billion.[3]:314–318

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 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.[3]:317

On May 5, 2011, Travelport completed the $720m sale of its GTA (Gullivers Travel Associates) business to Kuoni. In 2015, Travelport completed the acquisition of Mobile Travel Technologies Ltd (MTT).[4] According to Michele McDonald of TNooz, "in 2017 Travelport was the first GDS to be awarded the IATA NDC Level 3 certification as an aggregator of travel content."[5]

References[edit]

  1. ^ "Travelport Worldwide LTD (TVPT) IPO". NASDAQ.com. 
  2. ^ "Blackstone To Buy Orbitz, Galileo From Cendant". Business Travel News. June 30, 2006. Retrieved March 31, 2016. 
  3. ^ a b Carey, David; Morris, John E (2010). King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone. Crown Business. ISBN 9780307452993. 
  4. ^ May, Kevin (8 July 2015). "Travelport acquires Mobile Travel Technologies for Euro 55 million". TNooz. TNOOZ. Retrieved 6 June 2018. 
  5. ^ McDonald, Michele (13 December 2017). "Travelport is first GDS to receive Level 3 NDC certification from IATA". TNooz Newsletter. TNOOZ. Retrieved 6 June 2018. 

External links[edit]