imageMADRID: Spanish technology company Amadeus, the world's biggest processor of travel transactions, said Wednesday it will buy US firm Newmarket International for $500 million (370 million euros) to boost its position in the hotel IT sector.

Amadeus, which provides technology to travel companies, expects to complete its purchase of Newmarket, an IT firm specialising in the hotel market, during the first quarter of 2014, the company said in a statement.

"This important and strategic acquisition will strengthen Amadeus' position in the hotel IT sector, bringing important expertise and key customer relationships to the company that will accelerate our move into this key market," Amadeus president Luis Maroto said in the statement.

Amadeus, set up by European airlines in 1987 to create a computer reservations system shared by the parent carriers and travel agents, employs around 10,000 people worldwide.

It has a market share of airline bookings of around 40 percent.

During the first nine months of the year Amadeus' adjusted profit rose 6.3 percent over the same time last year to 511.2 million euros while its revenues rose 5.8 percent to 2.26 billion euros.

Newmarket, based in Portsmouth, New Hampshire, serves around 22,000 properties in 154 countries and expects revenues of around $110 million in 2013.

Comments

Comments are closed.