[ad_1]
AUSTIN, Texas, May 15, 2023 (GLOBE NEWSWIRE) — Mondee Holdings Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), a technology-driven, next-generation marketplace in the $1 trillion travel market segment, today Consolid Mexico Holding, SAPI de CV (“Consolid”), a high-growth, leading travel provider based in Mexico with a global presence and a focus on Latin America (“LATAM”).
Mondee is already the market leader in North America and is rapidly growing its leadership in LATAM. Headquartered in Mexico City, Consold has a global presence and customer satisfaction with a focus on Mexico, the second largest market in Central and South America, as well as other countries in the region. The acquisition of Mondee Consolid will support expansion in LATAM with the acquisitions of Brazil-based Orienter in January 2023 and Interep in May 2023.
Consolidated 2022 net income, with a large air portion, was nearly $8 million, with a 6.8% take rate, and 2022 adjusted EBITDA was more than $1 million. The acquisition was completed for approximately $4 million in cash, plus additional future cash proceeds and a combined value of up to $5 million in Mondi stock plus adjusted EBITDA.
With an 18-year operating history, Consolid enjoys a leading business-to-consumer (“B2B2C”) position in Mexico in the air and ground preparation travel markets. Through the “Consolid” and “Travel Fan” brands, Consolid serves over 1,000 customers worldwide, with a significant presence in Mexico and LATAM.
Following the successful acquisitions of Orienter and Interp, the current acquisition will serve to expand Consolidated’s travel content distribution across Mondi’s extensive network of more than 55,000 travel partners and 125 million closed group members. In addition, the acquisition gives Mondee access to additional regional and local content. The company is leveraging its proprietary technology platform and optimizing costs to realize top-line and bottom-line synergies by introducing revenue enhancements such as fintech and additional solutions for consolidated customers.
Mondee Chairman, CEO and Founder Prasad Gundumogula said, “We look forward to welcoming Consolid’s CEO Judith Guara Agiosan and the experienced management team to the Mondee family and helping them provide additional products and services to their customers. They will continue to actively grow the business in their respective markets. And now, the recent acquisitions of CONSOLID will strengthen Mondi’s growing market presence in Brazil, Mexico and the Americas. Our strategy is to continue to expand our footprint in LATAM by acquiring businesses that complement and integrate with our existing solutions in other attractive global regions, enhancing our expertise supported by experts.
Judith Guerra Agiosa, CEO of Consold, said, “The Consold team is excited to join the Mondi family and to unlock the global growth potential of our combined offerings and capabilities in Mexico and more specifically in LATAM. We look forward to leveraging Mondi’s state-of-the-art technology and industry-leading expertise to enhance our customers’ travel experience.” With our shared commitment to innovation and customer satisfaction, we are confident that together we can redefine the travel industry in LATAM and beyond.
About MONDEE
In the year Mondi is a travel technology company founded in 2011 and headquartered in Austin, Texas. The company operates 17 offices across the United States and Canada and has major operations in India, Thailand and Greece. Mondee is driving change with a wide range of innovative solutions in the leisure and corporate travel sectors. The company’s platform handles more than 50 million daily searches and generates a high volume of transactions annually. Its network includes 55,000+ leisure travel consultants and gig economy staff, 500+ airlines, and more than one million hotels and vacation rentals, 30,000 rental car locations, 50+ cruise lines. The company offers packaged solutions and ancillary offerings that serve a global customer base. In the year On July 19, 2022 Mondi began trading publicly on Nasdaq under the ticker symbol MOND. For more information, please visit: https://www.mondee.com.
Forward-looking statements:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements may be identified by words such as “believes,” “may,” “may,” “expects,” “expects,” “potential,” “plans,” “will” and similar references. Examples of forward-looking statements are forward-looking statements we make regarding, among others, the company’s future growth, performance, business prospects and opportunities, strategies, expectations, future plans and objectives or other future events. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Management believes that these forward-looking statements are reasonable when stated and implied. However, the Company cautions that these forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and many of which are beyond the Company’s control. Factors that could cause actual results to differ from current expectations include the ability to implement business plans and forecasts, the effect of legal proceedings against the Company or others and any actual agreements. thereby profitably growing and managing the Company’s growth, maintaining relationships with customers and suppliers and retaining its management and key personnel, meeting the Company’s Nasdaq listing requirements and other risks and uncertainties in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 to the U.S. Securities and Exchange Commission (sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements”)SEC”) and the Company’s subsequent filings with the SEC. There may be additional risks that the Company is not currently aware of or that the Company believes to be immaterial, which could cause actual results to differ materially from those contained in the forward-looking statements.
This press release should not be construed as a representation by anyone that the forward-looking statements contained herein will be achieved or that the results contemplated by such forward-looking statements will be achieved. Given the significant uncertainties inherent in these forward-looking statements, you should not rely on such forward-looking statements as predictions of future events. Except as required by law, Mondee undertakes no obligation to publicly update any forward-looking statements for any reason.
Media contacts
Public relations
pr@mondee.com
Investor relations
ir@mondee.com
[ad_2]
Source link
