Published on Tuesday, May 22, 2012
Amadeus has secured a 200 million euro loan from the European Investment Bank for development in IT for airlines, airports, hotels and rail between now and 2014.
The loan, which has a nine year maturity, will be available from 24 May and will be used by Amadeus to finance the research & development of a variety of IT projects.
The EIB is the long-term lending institution of the European Union and is owned by its member states. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Luis Maroto, president & CEO, Amadeus said: "We feel this is further proof of our long-term commitment to developing innovative customer-focused solutions such as our airline IT platform, the Altéa Suite, which is now used by 107 of the world’s leading airlines.
"We will use this €200 million loan to continue developing world class IT solutions that will revolutionise the travel industry."
Altea is a community based airline IT platform that covers reservation, inventory management and departure control.
Move scroll bar (above) left to right for more videos!
The recent insolvency of Low Cost Travel Group, one of the large players in the travel industry had a big impact on the travelers, hotels and all related players from both wholesale & retail arms. There were about 27,000 people on a holiday who had booked through the company comprised of a €200 million wholesale arm and €500 million OTA / retail arm.