The Travel Distribution Services Division of Cendant Corporation
today announced it has completed its acquisition of substantially all of the assets of Neat Group, Inc., an industry leading developer and operator of dynamic packaging technology for the travel industry that enables air, car and hotel components to be easily bundled for one low price.
As previously announced, the transaction is not material to Cendant and financial terms were not disclosed.
, which will now operate as Neat Product Group, has created powerful rules-based packaging technology, merchant model capability, as well as valuable reporting and settlement tools. Neat`s cutting-edge dynamic packaging technology has already been added to Cendant`s flagship online consumer Web site, CheapTickets.com
, and as a result, sales of vacation packages have increased significantly.
also plans to integrate the packaging engine across its other travel distribution businesses, including Lodging.com
and Galileo International, a leading global distribution services company. It will provide consumers and travel agents access to dynamic and discounted travel packages that average 30 percent less than purchasing individual components separately.
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 expanded distribution through a growing number of Neat channels. With the Neat product, suppliers may exercise more pricing and inventory control than offered by other distributors while shielding actual prices from their competitors.
Neat will be integrated into Cendant`s Travel Distribution Services business unit focused on the hospitality and leisure market. Steve Cossette, previously president of Neat Group, Inc. will assume the role of chief operating officer of Neat Product Group.
Related stories on ITN:
(07/04/2003) Cendant to Acquire Neat Group`s Web-Based Dynamic Packaging Technology
(03/04/2003) Cendant Announces Acquisition of Trip Network
(20/12/2002) Cendant Online Holiday Travel Survey