Published on Tuesday, May 22, 2012

Amadeus secures nine year loan from Europe

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.

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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.