Accovia secures funding to enter US market
Accovia has announced that it has secured additional venture capital funding to market its travel automation and management technology solutions to US travel agencies, tour operators and travel service wholesalers.
Currently, Accovia provides travel automation and management technology solutions to over 100 wholesalers, travel agencies, suppliers and distributors in 11 countries.
The company said it has secured additional financing from existing investors to support new products and marketing initiatives in the United States. Claude Guay has taken over as the global business as President and CEO.
Commenting on the announcement, Mr Guay said: “The United States travel market has been hit hard over the past year. In addition to the impact of the events of September 11th, the travel industry is undergoing a tremendous change in the way travel services are distributed to customers. We’ve seen the Internet emerge as a direct distribution channel for buying and selling travel services, which has put tremendous pressure on the existing travel distribution chain. Traditional and online travel agencies, tour operators, suppliers and distributors need to add services and become more efficient in order to survive.
“The ability to offer bundled travel services is a key strategy for increasing profit margins. Our technology allows travel service providers to dynamically package multiple services and sell directly to customers over the web or through traditional travel distribution channels. The Accovia solution gives travel service providers an opportunity to significantly increase margins, improve efficiencies and offer customers high-value travel packages.”
Simon Todd, Chairman of Accovia and a principal with The Destination Group, a leading private equity firm focussed on travel, leisure and lifestyle investment said: “U.S. customers today demand economic, customized travel services that are delivered instantly. Accovia offers travel agencies, suppliers and distributors the only system on the market that rapidly validates the availability and pricing for any type of scheduled air. Without this capability, U.S. travel providers cannot compete in the online world.”
Claude Guay comes to Accovia from IBM’s Global Travel and Transportation Industry Unit where he was responsible for management consulting, marketing, business development and travel distribution solutions. While at IBM, Guay also led IBM’s travel related e-marketplace efforts and assisted in the creation of e-commerce strategies for Air France and Singapore Airlines.
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