Mondee Acquires Travel Marketplace Skypass, Bringing AI To SMEs
Portfolio Pulse from Shivani Kumaresan
Mondee Holdings Inc (NASDAQ:MOND) has acquired Skypass Travel Inc for approximately $15 million in cash and stock. The acquisition is expected to support Mondee's expansion and diversification efforts, particularly in serving international corporations and small and midsize businesses. Mondee plans to use its AI-Powered Travel Marketplace and technology to enhance services and generate additional revenue. Skypass had a gross revenue of $45 million and adjusted EBITDA of $4 million in 2022.
August 14, 2023 | 3:04 pm
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Mondee's acquisition of Skypass Travel could potentially enhance its service offerings and revenue generation, supporting its expansion and diversification efforts. However, the company's shares are currently trading lower.
The acquisition of Skypass Travel by Mondee is a strategic move that could enhance its service offerings and revenue generation, supporting its expansion and diversification efforts. However, despite this positive development, the company's shares are currently trading lower, indicating a negative short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100