HLO to buy Excite system
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.