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Austin, Texas, February 01, 2023 (GLOBE NEWSWIRE) — Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), a technology-driven, next-generation marketplace, announced today that it has acquired Orator, a high-growth company that enables the growth of the $1 trillion travel market. A leading travel provider with a strong presence in Brazil and Latin America.
Mondee is already the market leader in North America. Brazil, one of the largest and most dynamic markets in South America, offers a natural opportunity for expansion. Orienter is a disruptive growth company in a high-growth market, with a net revenue CAGR of 38% in 2019 – 2022, despite two full years of recession.
Orienter’s leading B2B position in the hotel, packages and ground transportation markets takes approximately 13% and returns post-pandemic profitability to >30% EBITDA margin, with 2022 EBITDA of $9.3 million. The purchase, valued at approximately $40 million, includes cash and Mondee ( MOND ) common stock and additional future earnings related to EBITDA accretion.
Orienter currently serves 4,800 travel companies and the acquisition will expand Monde’s geographic footprint to include Brazil’s domestic and outbound travel markets. In addition, Orienter’s direct relationship with Latin American hotels provides Mondi with valuable sales opportunities.
In addition, the acquisition will allow Mondee to expand Orient’s travel content to reach 50,000 travel partners and 125 million closed group members. Mondi also plans to leverage its proprietary technology platform and deploy revenue enhancements such as fintech and ancillary solutions, improving costs and bringing meaningful synergies to the top and bottom line.
Prasad Gundumogula, Chairman, CEO and Founder of Mondee, said, “We are excited to welcome Orienter’s experienced management team to the Mondee family and begin our 2023 M&A activities with a complementary and synergistic business that will expand Mondee’s geographic footprint. and hotel product, adding expertly curated experiential content.
Ana Maria Berto, CEO of Orienter, said, “Our entire team at Orienter is looking forward to being part of Mondee’s next-generation travel business model and the potential to grow our combined offerings and capabilities in Brazil and beyond. Markets”
Mondi is advised by Lacaz Martins, Pereira Neto, Gurevich & Schweri and Grant Thornton Brazil. Orienter is recommended by Deschamps, Grootmacher e Advogados Associados and Actus Auditores.
*Orienter’s 2022 financial results are partially based on the currency conversion of 1 BRL to 0.19 USD.
Conference call information
Mondee will host a conference call tomorrow at 5:30 am (PT) / 7:30 am (CT) / 8:30 am (ET) to discuss the Orienter acquisition and the Mondee Affiliate Network with the investment community. A live webcast of the event is available on the Mondee Investor Relations website at http://investors.mondee.com. Direct dialing is available domestically at (844) 200-6205 and internationally at +1 (929) 526-1599, passcode 971613.
A replay of the webcast will be available on Mondee’s Investor Relations website and an audio replay will be available domestically at (866) 813-9403 or internationally at +44 (204) 525-0658, passcode 382559, until midnight (ET) February 23, 2023. .
For more information please visit: https://www.mondee.com.
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 50,000+ leisure travel consultants and gig economy workers, 500+ airlines, and more than one million hotels and vacation rentals. 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. Forward-looking statements, such as statements we make regarding the company’s future growth, performance, business prospects and opportunities, strategies, expectations, future plans and objectives or other future events, are forward-looking statements. They are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by 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, by ITHAX Acquisition Corp. and Mondee Holdings II, Inc.’s ability to implement business plans, forecasts and other expectations following the recently completed business combination, including, but not limited to, , the result of any legal process that can be based on the company or others and any valid agreements related to it, the ability to know the expected benefits of a business combination, among other things, competition, ability. The Company’s ability to profitably grow and manage its growth, maintain relationships with customers and suppliers, and retain its management and key personnel, its ability to maintain Nasdaq listing standards and other risks and uncertainties are set forth in the “Risk Factors” and “Caution” sections. “Note Regarding Forward-Looking Statements” in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) on July 20, 2022, the registration statement on Form S-1 was declared effective by the SEC as of October 12, 2022 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.
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