HLO to buy Ex­cite sys­tem

Travel Daily - - Contents -

THE reser­va­tions plat­form de­vel­oped by the col­lapsed Ex­cite Hol­i­days is set to be­come part of the tech­nol­ogy of­fered by Hel­loworld Travel Limited, which this morn­ing con­firmed it would pur­chase the soft­ware from the failed com­pany’s Ad­min­is­tra­tors, KPMG (TD break­ing news).

Hel­loworld Exec Di­rec­tor, Cinzia Burnes, told TD it’s in­tended that the sys­tem will fur­ther enhance HLO’s ex­ist­ing B2B Ready Rooms business, and “de­liver im­proved plat­form func­tion­al­ity for agents”.

She said the ac­qui­si­tion would also fur­ther de­velop Hel­loworld’s tech­nolo­gies in the re­tail divi­sion, fol­low­ing the suc­cess­ful launch of the com­pany’s ResWorld mid­of­fice tech­nol­ogy last year.

The Ad­min­is­tra­tors ear­lier this week (TD 11 Feb) said af­ter their ap­point­ment to the failed B2B whole­saler they had ini­ti­ated an urgent sale process and re­ceived 17 ini­tial ex­pres­sions of in­ter­est for the soft­ware plat­form.

Eight par­ties were sub­se­quently given ac­cess to a “data room”, re­sult­ing in three non-bind­ing ex­pres­sions of in­ter­est.

KPMG then en­tered into ex­clu­sive ne­go­ti­a­tions with a pre­ferred part­ner, now re­vealed as Hel­loworld, which has been con­duct­ing fur­ther due dili­gence.

The amount Hel­loworld is pay­ing for the Ex­cite soft­ware has not been re­vealed at this stage, with more in­for­ma­tion on the deal ex­pected at the Sec­ond Cred­i­tors Meet­ing for the Ex­cite Hol­i­days Group, sched­uled to take place in Syd­ney next Mon.

The meet­ing will also vote on a pro­posed Deed of Com­pany Ar­range­ment which could see Ex­cite’s Direc­tors, Ge­orge Pa­pa­iaoan­nou and Ni­cholas Stavropou­los, con­trib­ute $100,000 to re­gain con­trol of the com­pa­nies which are es­ti­mated to owe cred­i­tors over $31 mil­lion.

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