Company - - Nov 30,2016
China’s biggest online travel firm buys Skyscanner, a UK based travel search business
China’s online travelling giant,Ctrip, bought Skyscanner for about £1,4bn ($1.75bn). Skyscanner is a UK-based travel search business, which has its headquarters in Edinburgh. The firm is available in more than 30 languages and has a huge active user following which accounts to almost 60 million monthly. The company provides users with a platform to compare prices from various travel sites while searching for flights, hotels, and rented cars.
Set up in 2003, the company has seen bigger and better dreams; hence, the merger. Co-founder and chief executive, Skyscanner, Gareth Williams mentioned that the said deal will take his firm closer to its goal of making travel search as simple and as easy for travelers. Skyscanner which serves customers from around the world, said that it would keep working independently, with its previous (same) management team. The company announced a ‘round of fresh investment’ about a year ago, to help it grow and expand its horizons.
Ctrip, China’s best-known travel business firm, said that the mentioned deal would bring both companies tremendous growth opportunities and strengthen their long-term goals. “Skyscanner will be complementing our position at a global level, and we will provide them with our experience, technology and booking capabilities,” James Jianzhang Liang, co-founder and executive chairman of Ctrip said, making it clear how the two-way relationship will exactly work.
“Skyscanner and Ctrip share a similar view, that organizing travel is complicated, and it has a long way before being completely solved. To do so, we require powerful technology and a traveler-first approach,” Gareth Williams (CEO Skyscanner) said.
The deal, came a year after Skyscanner’s announcement that it was looking for investments to help it expand. Skyscanner’s backers include, Sequoia, an investment firm, Malaysian governments strategic investment fund, fund manager Artemis and Yahoo Japan.