A sector facing ongoing technological “disruption”, the travel and tourism industry is ripe for pickings, and the M&A market in the industry has been booming as of late.
With news that Revolut has dipped its toe into the travel industry with AI travel agent start-up, Mews has acquired yet another company; RateGain has completed its purchase of Sojern and more news has landed of technology groups acquiring even more businesses into the fold, as seen by Juniper Group’s purchase of Inspiretec last week, the rate of which the industry landscape has changed in a month is fast.
Activity in the media vertical also seems to be robust with an announcement from Japan-based JTB Corporation that it acquired Northstar Travel Group just two weeks before Travolution announced it had been acquired by French media and events business, eventiz, an independent subsidiary of Travelsoft Group.
Both medias have been upfront on where it stands within its wider businesses, with each clearly stating it will operate wholly separate to the parent company and in the case of Travolution will be led by its existing management team, including editor, Kate Harden-England, who will remain in charge of the brand.
With many head scratches in October, when both media businesses’ acquisition news landed in market, new owners eventiz and Travelsoft, think the vision is clear.
The acquisition was “no coincidence”, the president of eventiz – which was acquired by Travelsoft last year – iterated.
He said: “The Travolution brand is strong and internationally recognised. Its reputation for quality is also well established and so for years, we have been in discussions with the Jacobs Media, advocating for a merger between Travolution and our French equivalent brand, Tom.travel.
“There was a need for a European voice in travel and tourism’s information and technology monitoring. That need has now been met, because technology is not specific to any one market, and the consolidation of tourism players requires solutions that can be shared globally.”
For new incoming managing director of Travelsoft, Axel Nazarian, the motivation is for the group to help its clients and partners “win together” and its “new chapter within the media world” will help it do this through “greater communication and networking”.
For him, this foray into the media niche is just an extension of the group’s globally minded thinking that it already has for its own technology strategy: “Travel and traveltech updates are not local,” he explained.
Plans are underway for Travolution to integrate with the eventiz business in France, which will see French-speaking Tom.travel be absorbed into English-speaking title Travolution but the new ownership teams aren’t worried over potential question marks raised of Travolution’s ability to uphold its journalistic values and impartiality standards now that it’s parent company is a major technology player within its ecosystem.
“If impartiality is not upheld and respected, we would have problems,” said Vanhoutte.
“It’s simple, our editorial team adheres to Journalists’ Code of Ethics, and nothing will change surrounding this.
“Day to day, Travelsoft aren’t involved as we are an independent subsidiary of the group and like all other brands acquired by Travelsoft, we retain our complete autonomy.”
Nazarian believes it’s born out of “high respect” for all actors in the space that this will never be an issue for the publication.
He added: “We all need to share common vision and future of our sector as we are all participating in a new revolution driven by AI.
“Alone we can find great ideas but together we will obviously be stronger.
“Our plans are to drive the brand to be unavoidable and global.”
A move, that for Nazarian, was all about the Travelsoft brand anticipating disruption.
“We need to anticipate disruption. We have already had the chance to go through multiple changes and react. For this one, we are not yet imagining the dimension of what’s to come but I’m sure we will deliver.
While the eventiz president shared that not only was the acquisition vision clear but the growth vision, too.
“The formula is simple he says – Travolution is already doing it.
“Listen to markets’ expectations and educate them on the future through dissemination of advancements in the sector and events that bring the right people together to realise this future,” said Vanhoutte.
What’s next? The company is yet to reveal its bigger plans for the title, but the sector is warned to be “prepared”.
“I can’t say just yet, but Travolution is well and truly here,” he said.
Travolution is hosting an exclusive invite-only event on 2 December to mark its acquisition which will see insights from C-Suite and senior innovators, ahead of its major awards night that evening. You can grab remaining tickets for the Awards, here.
