Travelport
 | |
| Public | |
| Traded as | NYSE: TVPT |
| Industry | Travel technology |
| Founded | 2001 (United States) |
| Headquarters |
Langley, Berkshire (UK mailing address) |
Key people |
Gordon Wilson, President and CEO; Douglas Steenland, Chairman - Board of Directors ; Bernard Bot, CFO; Stephen Shurrock, Chief Commercial Officer |
| Revenue | US$ 2.1 billion |
Number of employees | Approximately 3,400 |
| Subsidiaries | Travelport includes Travelport Apollo, Travelport Galileo and Travelport Worldspan |
| Website | www.Travelport.com |
Travelport is a travel commerce platform providing distribution, technology, payment and other solutions for the travel and tourism industry.
Company
Travelport is headquartered in Langley, Berkshire. The company recently completed its initial public offering on the New York Stock Exchange and trades under the symbol “TVPT”.
History
Travelport traces its origins back to 1971, but its most immediate predecessor, Travel Distribution Services (TDS), was founded in 2001 through the acquisition of Galileo International by TDS's parent, Cendant Corporation. Travelport was formed in August 2006, when Cendant sold Orbitz and Galileo to The Blackstone Group in a deal valued at $4.3 billion.[1]
Shortly after the Blackstone-led buyout, in December 2006, Travelport struck a deal to buy one of its rivals, Worldspan, for $1.4 billion.[2]:314–318
In May 2007 the company filed a registration statement with the U.S. Securities and Exchange Commission to sell a portion of Orbitz Worldwide in an initial public offering (IPO). The IPO was priced on July 20, 2007, opening at $15.00 per share, and closed on July 25, 2007. A month later, Travelport completed the Worldspan deal, integrating Worldspan with Galileo.
By combining operations with Worldspan and streamlining overlapping functions that Travelport had inherited from a string of more than 20 earlier mergers under Cendant, Travelport cut its overhead by $390 million in three years and doubled its cash flow.[2]:317
On September 19, 2007, Travelport became the first travel company to receive a 100 percent rating on the sixth annual Corporate Equality Index awarded by the American Human Rights Campaign Foundation.[3] Worldspan achieved the 100 percent rating on HRC's Corporate Equality Index in 2002, 2003, 2004 and 2005.
On May 5, 2011, Travelport completed the $720m sale of its GTA (Gullivers Travel Associates) business to Kuoni.
References
- ↑ "Blackstone To Buy Orbitz, Galileo From Cendant". Business Travel News. June 30, 2006. Retrieved March 31, 2016.
- 1 2 David Carey and John E. Morris, King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and Blackstone (Crown 2010).
- ↑ Ferris, Bev. "Travelport gets human rights accolade", travelmole.com, September 19, 2007. Accessed September 27, 2007.