Travel marketplace Mondee is combining with ITHAX Acquisition Corp. in a bid to public via a Special Purpose Acquisition Company next year.
Once the transaction is completed, the combined company is expected to be worth $1 billion.
Mondee, which owns Rocketrip, TripPro and TripPlanet, says its 2019 gross revenue was more than $3 billion, net revenue was $177 million and adjusted EBITDA was $46 million.
Mondee was founded in 2011 and provides travel technology and content to leisure travel agents as well as corporate and subscription services.
Prasad Gundumogula, founder and chief executive of Mondee, says: “Mondee developed industry-changing technology that transformed the existing antiquated travel infrastructure with a modern agile platform.
"Our platform and industry relationships provide the right marketplace with the right tools and the right content offerings to enable and accelerate our customers’ success. Today’s announcement marks the beginning of the next chapter of our growth as the travel market continues to normalize.”
He adds that the company’s vision is to “transform the entire travel industry” with next steps including to boost its vacation rental offering as well as digitize the cruise and tours segments.
The public market listing on Nasdaq is expected to take place in the first half of 2022 and proceeds, which are expected to be approximately $240 million, will go towards mergers & acquisitions.
Mondee made several acquisitions in 2020, including corporate travel reward platform Rocketrip.
Mondee is the latest in a string of travel companies to announce plans to go public via a SPAC agreement.
Others include American Express Global Business Travel and alternative accommodation platform Sonder and Selina.