Mondee Inc., a pioneer in travel technology and the world’s largest airfare wholesaler, completes acquisition of Cosmopolitan Travel Service (CTS)
San Francisco, February 11, 2020 – Mondee Inc., with investment from preeminent financial and institutional investors – TCW Group, Morgan Stanley Private Credit and Equity, and Origami Capital Partners – has built an industry leading portfolio of brands operated by seasoned travel and technology entrepreneurs – all powered by the next generation TripPro platform of products and services.
With over $100 million invested in its core technology platform, Mondee’s TripPro is a leading technology platform with over 45,000 agents registered globally, processing over 50 million daily searches and multi-billion dollars of annual transactional volume. Mondee will continue to invest and enhance the TripPro transformational technology including NDC, NGS, Branded Fares, advanced conversational commerce and AI/ML platforms to serve a new generation of connected travelers with an unparalleled travel experience, while concurrently providing reliable distribution channel to suppliers.
Prasad Gundumogula, CEO of Mondee stated, “We are proud to acquire a globally recognized travel company led by industry veterans whom I admire and respect. The travel industry is deprived of new technology and innovation, as a result, customers are underserved and suppliers left with inefficient distribution. Our TripPro platform brings transformational technology that delivers new distribution capabilities to our partners and provides travelers with a new world of travel experiences. This acquisition accelerates the delivery of our revolutionary platform to an even larger base. We share this common vision, and each company brings unique strengths and expertise to accomplish our goals.”
CTS, with its seasoned management and executional expertise, is the fastest growing company in the air wholesale market with over $1.2 billion in gross sales. Michalis Tsakos, CEO of CTS added, “The combination of CTS’ experienced management and agency network with Mondee’s next generation technology platform TripPro, will allow us to accelerate growth and deliver exceptional value to our partners and customers. In addition, with our combined strengths, we will be able to expand our distribution to a new generation of travel agents, and penetrate micro-markets and special niches that are historically hard to serve.”
Union Square Advisors served as financial advisor to Mondee in connection with the transaction.
Mondee, Inc. is a leading travel technology company and the world’s largest airfare wholesaler. Mondee owns globally recognized travel companies including CTS, C&H International, Skylink, Transam, Hariworld, Skylink Canada, and other technology and retail companies. Founded in 2011, Mondee is headquartered in Silicon Valley, California, with 36 offices in USA and Canada, and operations in India, Thailand, Costa Rica, and Greece.