TUI sells off 50.1% of IT business to Indian software company
Thomson parent TUI has sold off a 50.1% stake in its subsidiary TUI InfoTec to India-based Sonata Software for €18 million in an all cash transaction.
Based in Hanover, TUI InfoTec is an IT service provider responsible for developing, maintaining and supporting applications and IT infrastructure systems for TUI Group companies in the UK, Germany, France, Sweden, Spain, and other parts of Europe.
In 2005, TUI InfoTec posted revenues of around €130 million. The company employs more than 400 IT professionals and its subsidiaries include Travel BA.sys and ACCON RVS, which provide a technology platform and back-office services for travel agencies.
Sonata, which has been servicing clients in the US, UK and Europe since 1986, said this transaction will enable it to enter new European markets.
Its president and managing director B. Ramaswamy said: “This innovative partnership combines the strengths of the two companies – Sonata’s 1700 strong India development facility with a good track record and TUI InfoTec’s 400-plus onshore German IT professionals with extensive skills in infrastructure management and mission-critical software applications.”
Heinz Kreuzer, group CIO of TUI and MD of TUI InfoTec said: “We are delighted to partner with Sonata Software and believe that their delivery capabilities will substantially enhance our offerings and enable us to win new businesses.”
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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