Travelport has received new investment from affiliates of Siris Capital and Evergreen Coast Capital, which would allow it to pump a handsome sum into technology and its next-gen platform.
Travelport Worldwide has received commitments for $500 million in financing from affiliates of existing owners Siris Capital Group and Evergreen Coast Capital, the private equity affiliate of Elliott Management Corporation, and an additional $500 million of available financing capacity. According to a release by Travelport, the investment provides it with the liquidity needed to continue to exceed the expectations of its customers despite the impact of the COVID-19 pandemic. It also allows Travelport to continue to invest in its industry-leading technology and next-generation platform to ensure it is positioned for growth as travel returns.
Greg Webb, CEO, Travelport, says, “COVID-19 and the governmental response to the pandemic has had a negative impact on the travel industry, including our business, and we appreciate the increased support from Siris and Evergreen as we work to get through this challenging time. Their unwavering commitment and new capital ensure that we can continue to meet the needs of our customers, support our employees and take steps to emerge from this global health crisis in a strong position. With the support of our investment partners, we are confident in the long-term viability of our business and we remain committed to continued technology investments and our transition to a next-generation platform.” Frank Baker, Co-Founder & Managing Partner of Siris Capital, has said that Siris is committed to Travelport’s future success and growth.