Travelprice, European leader in on-line travel, has signed an industrial and strategic partnership agreement with
Galileo International, Inc., a leading provider of electronic global distribution services for the travel industry.
Galileo`s investment is part of Travelprice`s third round financial funding of 22 million Euros, and places them alongside Travelprice`s other investors which include: Apax Partners (main investor), Partech
International, Avenir Entreprise, Opera Finance, General Electric Equity, Exor
and BVV Argentaria.
The incorporation of a major industrial player like Galileo into the company`s capital will enable Travelprice to develop technological and commercial synergies in Europe, as well as the United States due to Galileo`s recent acquisition of www.trip.com. This third round funding also marks the arrival of the AGF investment trust.
Travelprice, founded and directed by Roland Coutas, was able to stake its
claim as one of the world leaders in travel within 24 months of operation. The company has a particularly strong presence in Europe (Germany, England, Spain, Italy, Belgium) and Canada.
Having reported a turnover of 10 million FF in 1999, followed by 230 million FF in 2000, Travelprice is setting its sights on a 750 million FF
turnover in 2001. It should break even within the second half of 2002.
“We welcome the agreement with Galileo, which, above and beyond obvious commercial and technological synergies, now places us among the giants of international on-line tourism” states Roland Coutas, CEO of Travelprice.
“Galileo believes in leveraging successful, local businesses, solidifying our position as a global market maker with a local touch,” said Galileo`s Dave Near, senior vice president, Internet and e-Commerce. “Travelprice.com, with its local language, product and service expertise, is now even better positioned to be successful in the European e-commerce marketplace”.