Travelport has sold corporate booking tech platform Locomote back to its founders, brothers Ross and David Fastuca.
Terms of the deal have not been disclosed.
The global distribution company originally announced the acquisition of a 49% stake in Australia-based Locomote in August 2014, ahead of its IPO in late-September of the same year.
Travelport went on to acquire a majority stake in the business in December 2015.
Locomote became part of Travelport Digital, the new business unit introduced in 2016 to house its various digital investments.
Ross Fastuca, says: “We’re excited to be back. There’s certainly a lot of businesses looking at evolving their current travel programs. Now more than ever, we see a need for travel programs to be underpinned by a technology platform that can adapt quickly, provide simple experiences in difficult scenarios and one that’s quickly and easily customizable.”
According to a statement, Travelport will continue to provide technology and helpdesk services to the business until the end of the year.
It will also remain a reseller of Locomote and any customer agreements with Travelport or Locomote will not be affected by the sale.
Nick Dagg, chief commercial officer, agency, at Travelport, says: “We felt the solution would benefit from dedicated owners who will take the product forward and invest further in its development.”
Travelport was also set to sell its eNett payments business to WEX until the latter announced it was cancelling the $1.7 billion deal.
A trial is set for September 21 in a U.K. court.