Otravo, one of the market leaders in the area of online travel in Northwest Europe is taking over Lithuania-based online travel company Interneto Partneris, allowing Otravo to expand its operations in the Baltic States. It is the third acquisition in a row since the entry of investment company Waterland as majority shareholder. Previously, Flygstolen (Sweden) and the VakantieDiscounter (Netherlands) also became part of Otravo.
Interneto Partneris is a young company from Lithuania and, with various brands (such as Greitai, Flyhi, Flysiesta and Bookinghouse), is active in the sale of online airline tickets and in doing so, primarily focuses on technology. The company has a proprietary software platform and makes use of efficient tooling, which facilitates growth and scale at international level. It is expected that Interneto Partneris will realize an annual gross turnover of more than 50 million euros in 2017.
The acquisition is an asset for both parties. Alvydas Vitkauskas, CEO of Interneto Partneris, says, "We are pleased to be able to join Otravo. This will lift our business in Europe to a higher level through synergy effects in the form of purchasing and scale benefits. Partly as a result of this, we will be able to increase our market share, both in the countries on which we primarily focus (Lithuania, Latvia and Estonia) as well as elsewhere in Europe. Our technological knowledge and self-developed software help in opening up the best information for online sales of airline tickets. We are sure that this will be translated into competitive prices and other benefits for all Otravo customers."
BIC Securities acted as exclusive financial adviser to Otravo during the entire acquisition process.
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