Earlier this month, Tnooz reported that GuestLogix, the largest onboard payments processor, would soon do one of a few things: make an acquisition, purchase a larger player, or plan to raise capital.
Today, GuestLogix announced that its board of directors concluded its strategic review process (along with investment firm Canaccord Genuity) and decided to opt for continuing the operation of the company as it is.
So the company isn't going for sale or opting for a merger or acquisition.
In a statement, the company said its
"strategic review process did not result in a transaction adequately reflecting the Company's value."
Since October, the company laid off many employees and posted record revenue of $7 million (US) in the first quarter, as well as integrated its recent UK acquisition Initium Onboard.
The company also landed a $7 million (Canadian) financing deal. The better GuestLogix's financials become, the more appealing it could become as an acquisition target.
Long-term, the most significant news is that the company recently signed a 10-year partnership with IFE system leader Thales Avionics to develop transaction processing through seatback screens -- which is where the company sees as the direction that onboard retailing is heading (away from hand-held devices).