The vibrancy of Scotland’s technology ecosystem has been hailed after an East Kilbride-based company which provides software solutions to the travel industry was acquired.
Traveltek, which has been serving the travel industry for more than 25 years, has been taken over by Canada's Juniper Group, part of Vela Software and Constellation Software, for an undisclosed sum.
The deal paved the way for YFM Equity Partners, which has been an investor in Traveltek since 2016, to exit its stake in the company.
YFM, which took part in three investment rounds in the Scottish firm, in 2016, 2018, and 2019, noted that Traveltek’s revenue had tripled since it first became involved. It declared that its investment in Traveltek had facilitated its expansion across five key global regions, including North America, Australasia, and Latin America, and supported the “re-architecting” of its core products and development of an expanded product suite.
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Mal Barritt, chief executive of Traveltek, said: “YFM’s investment accelerated the growth of Traveltek to command a market leading position. It’s important to acknowledge the tremendous support from YFM, especially through the challenging trading period of Covid.
“Traveltek benefited from wider initiatives and experience from both the team and other portfolio customers at YFM. Becoming part of Juniper Group and the wider Vela Software and Constellation Software family represents an exciting new chapter for Traveltek. Our customers will benefit from expanded resources and products, while our team will have new growth opportunities within this thriving software network.”
Jonathan Marlow, portfolio director at YFM Equity Partners, said: “Traveltek’s success is a testament to Scotland’s vibrant tech ecosystem, and we are proud to have been a part of the company’s journey, supporting a first-class management team led by CEO Mal Barritt. This achievement reinforces our commitment to investing in dynamic Scottish businesses. We are confident that under Juniper Group’s guidance, Traveltek will continue its impressive trajectory, leveraging global resources to enhance its offerings.”
YFM has exited Traveltek alongside its co-investor Fullbrook Thorpe Investments, which had worked alongside the investor on the development of the Traveltek business.
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