Travel tech provider Mondee has acquired two
B2B travel providers to grow its presence in Latin America: Mexico City-based Consolid and São Paulo-based Interep. The purchases, both announced Monday, follow the acquisition
of São Paulo-based Orinter Tour & Travel in January.
“The recent acquisitions of Orinter, Interep and now
Consolid further reinforce Mondee’s growing market presence in Brazil, Mexico
and throughout the Americas,” said Mondee’s chairman, CEO and founder Prasad
“Our strategy is to continue expanding our footprint in [Latin America] and other attractive global regions through the acquisition of businesses
that complement and synergize with our existing solutions.”
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Mondee, which is based in Austin, Texas, became publicly traded on the Nasdaq on July 19, 2022 under the ticker symbol MOND.
The company said it purchased Consolid
for approximately $4 million in cash, plus an additional future earn-out of
cash and shares in Mondee stock with a combined value of up to $5 million to
increases in adjusted EBITDA.
Consolid operates in the air and ground-arrangement travel
markets in Mexico through its Consolid and Travel Fan brands. The company’s net
revenue last year was approximately $8 million, with a 6.8% take rate, and its
2022 adjusted EBITDA was more than $1 million.
This acquisition will expand the distribution of Consolid's
travel content through Mondee’s network of more than 55,000 travel affiliates. Meanwhile, Mondee will gain access to additional regional and local content while introducing
fintech and ancillary solutions to Consolid customers, according to the companies.
Interep, which focuses on the luxury market, had adjusted
EBITDA of approximately $2.8 million in
2022. Interep’s distribution network of 3,100 active affiliates and travel
experts mostly serves affluent leisure travelers.
The Interep transaction is valued at $8.9 million, with $4 million
paid in cash at closing, $720,000 in cash over a three-year period and 416,000
shares of Mondee stock, plus an additional earn-out to be paid over a
three-year period, linked to increases in adjusted EBITDA.
Established in 2011, Mondee operates 17 offices across the
United States and Canada and has core operations in India, Thailand and Greece.
Its network includes more than 55,000 leisure travel advisors and gig economy
workers, 500 airlines, 1 million hotels and vacation rentals, 30,000 rental car
pickup locations and 50 cruise lines.
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