Accelya, a leading provider of financial and commercial solutions to the airline industry, and Mercator, a global provider of product-enabled solutions to the travel and transportation industry, today announced the successful completion of their combination, creating a leading global technology-enabled solutions provider to airlines, travel agents and transport companies.
The combined group has a broadened product portfolio with complementary offerings including revenue accounting, revenue management, revenue assurance, cargo and shipping management, payment solutions, data analytics, cost management and commercial solutions. Customers of Accelya and Mercator will benefit from enhanced product and technology capabilities, which will ensure the continued development of innovative solutions for the travel and transport industry. With a global footprint and more than 400 clients worldwide, including 250 airlines, the new company is at the forefront of automation, helping customers manage their financial processes more efficiently, minimizing revenue leakages, reducing operational costs and optimizing management of their indirect distribution channel. The combined company has pro forma annual revenues in excess of $200 million, with the scale to make investments in products and technology in order to remain at the cutting edge of innovation and service quality.
John Johnston current Chief Executive Officer of Accelya will become Chief Executive Officer of the combined group whilst Jose Maria Hurtado will be Chief Financial Officer. Mr. Johnston commented, "I am excited by the opportunity to lead an enlarged group focused on delivering outstanding customer products and service. I look forward to driving growth further, expanding the product offering and introducing new, innovative technologies."
Warburg Pincus, a global private equity firm focused on growth investing and the current majority shareholder of Mercator, is the new majority shareholder in the combined company.
Adarsh Sarma, a Managing Director of Warburg Pincus, added, "We are delighted to support the combination of two great organizations focused on the travel and transport industry. Our focus will remain on providing the best possible products and services to our customers. Together, the combined group will continue to invest significantly in new product innovation and development."
Shares of Accelya Kale Solutions Limitd was last trading in BSE at Rs.1391.55 as compared to the previous close of Rs. 1408.95. The total number of shares traded during the day was 1078 in over 315 trades.
The stock hit an intraday high of Rs. 1418 and intraday low of 1375. The net turnover during the day was Rs. 1520593.