eDreams ODIGEO, Europe's largest online travel company and one of the largest European e-commerce businesses, today announced that it has entered into an asset purchase agreement with RoamAmore Inc., a Silicon Valley-founded business that operates the hotel booking platform TheWaylo.com.
This purchase provides eDreams ODIGEO with significant, innovative AI-driven technology and leading hotel domain expertise, which will allow the Company to further grow its hotel and dynamic packages offering with additional content from thousands of hotels worldwide.
Dana Dunne, eDreams ODIGEO Chief Executive Officer, said: "We are constantly seeking and harnessing the latest technology to deliver more options, greater value and better service for our 18 million customers worldwide, while also growing every aspect of our company. We have a business that generates a strong free cash flow, allowing us to pursue strategic growth opportunities that deliver value to our company, customers and shareholders. With this acquisition, we are thrilled to be further strengthening our hotel and dynamic package products, which are central to our product and revenue diversification strategy that is successfully building an attractive, diversified and sustainable business."
Angik Sarkar, Waylo CEO and Founder, said: "We are excited to join one of the world's largest online travel companies. We share a common goal to enable unique travel experiences through technology and we are looking forward to contributing to this for the benefit of millions of travellers worldwide."
The closing of the transaction is expected to take place by the fourth quarter of eDreams ODIGEO's fiscal year 2020 (first quarter of the calendar year 2020), subject to customary conditions.