TRX sold its signature RESX corporate booking tool for up to $3.5 million to a competitor, nuTravel Technology Solutions.
nuTravel, based in Port Chester, N.Y., offers its own corporate booking tool, CTS, and says its purchase of RESX means nuTravel will be offering 115 distributors to 2,300 small, medium and large corporations representing 1.5 million travelers.
Atlanta-based TRX has fallen on hard times in recent years and says with the sale of RESX it will now focus on offering data analytics and agency automation.
TRX posted an operating loss of $290,000 in its June 30 fiscal quarter on $12.5 million in revenue, and still counts large players as clients, including Expedia, BCD Travel and American Airlines, for example.
The ultimate plan, nuTravel says, is to integrate the two booking tools, although the current way clients access RESX and tech suppport will remain in place for now.
The two parties have a transition services agreement through the end of 2012 and it calls for TRX to provide technical services to nuTravel for $1.8 million annually.
The two companies also have entered into a mutual referral agreement.
Under the terms of the acquisition of RESX, TRX was to recieve $2.6 million at the Nov. 3 closing, and could earn an additional $900,000 subject to the conversion of specified contracts, TRX says.