In some consolidation news on the travel payments front, US-based Onyx Payments has acquired Norway's Net Trans Services.
The deal's terms were not disclosed, as Onyx bills the purchase as a "strategic combination" that "removes barriers and strengthens commerce for the travel industry."
Net Trans Services is a leader in commission reconciliation services, which is a service for travel agencies that ensures accurate tracking of commissions so that the proper amount is paid for the correct transaction.
The companies have been working together on joint customer accounts since 2006, providing the base from which the deal was struck.
CEO of Net Trans Services, Martin Jørgensen, on the deal:
Within travel accommodations, our goal has always been, and now will increasingly be, to create a world of friction-free commerce.
Our company’s joint vision is the betterment of the industry. For our customers, the combination strengthens our commitment to increase speed of payment and further improve data quality, value chain transparency and business intelligence.
For Onyx, the combination works to create real efficiencies and better service offerings through the newly formed team. Onyx Payments’ Chief Executive Officer and President, Mark S. Dubrow:
We will now have the brightest minds in the market working together to improve our existing
products, and more importantly, focus on innovation and bring new solutions and services to the travel industry. This combination is a major milestone in the execution of our ongoing strategy.
The total served on the hotel front comes to over 200,000 hotels, in addition to 200,000 travel distributors in nearly 200 countries.
NB: Calculating cash image courtesy Shutterstock.