Online travel booking platform Holisto is planning a public listing through a combination with special purpose acquisition company Moringa Acquisition Corp.
According to a statement, the business combination values Holisto at $405 million with the deal expected to close in the fourth quarter of 2022.
Holisto says it uses artificial intelligence to present consumers with more affordable and personalized travel.
The company operates under various brands including GoSplitty and Traveluro.
Eran Shust, co-founder and CEO of Holisto, says: “From the outset we were inspired by the opportunity to disrupt the large, fragmented and complex travel booking market, using advanced big data and AI technologies that enable incremental cost savings and simplicity through the ability to combine offerings from multiple sources.
“Our combination with Moringa and access to public markets will allow Holisto to continue to aggressively leverage our technology by scaling our platform and infrastructure and expand our customer acquisition and brand awareness.”
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Ilan Levin, chairman and CEO of Moringa, adds: “Holisto is innovating with advanced technology solutions in a large, global market which is ripe for transformation for the benefit of the consumer traveler. We look forward to our partnership and opportunity to leverage our expertise as Holisto continues to rapidly scale its business.”
The boards of directors of both Holisto and Moringa have approved the transaction.
Holisto, which reported first quarter 2022 revenues of $7.2 million, joins a growing list of travel companies that are going public via SPACs.
A number of companies including Sonder, Grab, Vacasa and Swvl are already trading with others including American Express Global Business Travel, Selina and OYO still to float.
However, current market volatility and the changing regulatory environment have slowed the SPAC craze with a number of travel companies announcing layoffs and investors pulling out.