The Travel Distribution Services Division of
Cendant Corporation has announced that it has signed a
definitive agreement to acquire substantially all the assets of Neat Group,
Inc., a leading developer and operator of innovative dynamic packaging
technology for the travel industry. 
The transaction is not material to
Cendant and is expected to close during the second quarter of 2003, subject
to customary and other approvals. Financial terms were not disclosed.

Neat`s dynamic packaging engine enables customers to build customized travel
packages from a vast array of discounted air, car and hotel inventory
through one simple search at one low price. A customer can expect to save 30
percent or more compared to purchasing each travel item separately. 

Cendant
plans to integrate Neat into CheapTickets.com
and across its other
travel distribution businesses to provide consumers and travel agencies
access to dynamic and discounted travel packages. 

“Neat Group is a great addition to Cendant`s extensive travel portfolio
which we expect to accelerate growth of our Cheap Tickets Web site and
enhance Cendant`s value proposition in the leisure, corporate and travel
agency markets,” said Sam E. Galeotos
, president and CEO of Galileo
International and Cendant`s Travel Distribution Services.  “Neat addresses
the primary interests of our key customers - Galileo travel agencies will
gain competitive pricing and merchant revenue streams; suppliers will obtain
an effective “brand-friendly” `opaque` channel that helps shield pricing
from consumers and competitors; and consumers ultimately win with access to
even more travel options - including 3,500 additional hotel properties -
at a lower total price.”

“We are excited about becoming a part of Cendant and its growing presence in
travel services,” said Steve Cossette, co-founder and president of Neat
Group, Inc. “Our supplier and agency customers will benefit greatly from
this relationship through expanded distribution, access to more content, as
well as the long-term commitment Cendant has made to strengthening its
position as a leader in the travel distribution industry.”

Cendant intends to make Neat`s dynamic packaging technology available to
travel agencies to offer their customers competitive deals and enable them
to act as true merchants with more pricing control.

“We are excited about Galileo providing access to Neat`s dynamic packaging
to help our agents and members find the best inventory at the best available
prices,” said Lee Granger, managing director of travel technology at AAA.
“We have already previewed the Neat product and can see the advantages it
will give us in terms of content and pricing. We look forward to working
with Cendant and Galileo to introduce this to our travel agencies and
members through aaa.com.”

As part of Cendant, Neat will continue to offer air, car and hotel suppliers
the dual benefits of a private label booking engine for their own Web sites,
as well as wider inventory distribution through a growing number of
channels.
Related stories on ITN:

(03/04/2003) Cendant Announces Acquisition of Trip Network

(20/12/2002) Cendant Online Holiday Travel Survey

(07/11/2002) Galileo Business Builders Expands with Cendant Brands

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