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LONDON and BOSTON, MA and COPENHAGEN, DENMARK–(Marketwire – 03/29/11) –Cheapflights Media Ltd is delighted to announce that it has completed an investment in the travel meta-search site momondo.com and its parent company Skygate International. Momondo and Skygate will continue to operate from Copenhagen as independent brands led by their existing and successful founding management. Both companies are private and no details of the consideration are being disclosed.This partnership brings together two pioneering, profitable and growing online consumer travel search brands as well as Skygate’s innovative business-to-business travel solutions company.
In 2010, Momondo and Cheapflights collectively hosted over 115M visits from travelers across 15 countries and listed millions of travel deals from over 700 airline and travel partners. Each business brings complementary product and geographical strengths. Cheapflights will continue to focus on providing the best flights deals for consumers with flexible schedules looking for travel inspiration.
Momondo will continue to focus on providing consumers on a fixed schedule with real time bookings in flights, hotels and car hire. Geographically, Momondo has a strong Scandinavian and Russian presence, while Cheapflights has a strong UK and North American presence.Chris Cuddy, Cheapflights Media’s CEO, said: “We are thrilled to be partnering with the innovative team at Momondo. They have deep expertise in online travel and share Cheapflights’ passion for demystifying the often overwhelming task of finding and booking the best travel deals.”He added: “We greatly admire the pioneering heritage of Momondo and intend to fully support their existing brands and further accelerate their plans.
Initially, Cheapflights Media will be replacing our Zugu meta-search product and brand with Momondo. Down the road, we will explore opportunities to leverage technology, data, and advertising partnerships across the Momondo and Cheapflights networks to bring better travel search solutions to more consumers world-wide.”Thorvald Stigsen, founder and CEO of Momondo, said: “This is a great opportunity for us. Cheapflights Media is a well-established online media company that shares our ambition to make a global impact. We have found a partner with a tradition of profitable organic growth and innovation whose aim is to be a major global player in internet travel.”Cheapflights Media’s Chairman, Hugo Burge, continued: “We are excited to join forces with Momondo’s creative and highly successful team. Travel search is a global opportunity and this accelerates our ambitions. We believe that together we are stronger, can better support the travel industry and help more people have great travel experiences.”
About Cheapflights Media:
The trusted partner in flights search and travel inspiration, Cheapflights Media is a global Internet media network that has been delivering great deals since 1996. Headquartered in London with offices in Boston and Toronto, Cheapflights Media serves advertisers and consumers through its international portfolio of Web sites and services. Packed with travel guides, tips and the latest news and information, the Cheapflights sites are online shopping comparison engines that make it easy for consumers with flexible schedules to research, compare and save on domestic and international trips. With brand-name deals on airline tickets from hundreds of travel partners and airlines and a team of travel experts hand picking the best offerings, Cheapflights offers visitors an independent mix of deals and travel inspiration they can’t find anywhere else. Our advertising partners made estimated sales through Cheapflights’ websites of US$2.6 Billion globally in 2010. There are currently Cheapflights-branded sites for the U.K., U.S., Canada, Germany, Australia & New Zealand, France, Italy and Spain.
Momondo was launched in 2006 and in four years has grown to become one of Denmark’s top websites across all sectors, not just travel. Momondo has been recommended by The New York Times, CNN, CBS News, the Los Angeles Times, and the Daily Telegraph. U.S. travel authority, Arthur Frommer and some of the world’s leading travel media, Sherman’s Travel, Travel and Leisure recommended momondo.com as THE site in which to find travel bargains for airfare, hotel and car hire. Momondo has also received the 2010 Danish e-commerce prize for the travel and tourism category; also Norway’s largest newspaper, World Gang (VG), and the Norwegian Consumer Council independently elected Momondo as the best player in the electronic travel reservation marketplace. In addition, The Sunday Times (London) announced that Momondo was the best overall travel site in a large survey in August 2010. Momondo is ideal for travellers who need to book specific travel schedules.
About Skygate International:
Since 1992 SkyGate International has developed innovative Travel Management solutions for Corporations and Travel Agencies. Our Travel Agency solutions include Newport, our multi-channel front-office solution, our CRM solution for key account and Sales, our front office system SkyGate5 and SpeedFares, our low-cost search engine used by worldwide travel agencies. Our solutions for Corporations include SkyGate4, a travel management solutions for corporations with in-house travel departments and data consolidation for corporations that have outsourced their travel management operations.
For further information please contact:
Cheapflights Media Ltd:
Head of Corporate Communication
Tel: +44 (0) 203 219 7602 / Mobile +44 (0) 7831 655 630
Mobile: +45 20 68 87 01