ZoomAway Travel a US software business in the hospitality technology sector earlier this week announced that it has agreed to purchase a U.S. based Tour Operator, subject to satisfactory completion of due diligence.
The strategy behind the acquisition is interesting on two levels. Firstly, as a hospitality technology business that supports hospitality providers and consumers, moving into also being a hospitality provider. Secondly, as the timing is to enable exiting the COVID-19 crisis ready to maximise growth.
ZoomAway CEO Sean Schaeffer said of the acquisition: “Our goal is to be prepared when this COVID 19 crisis is behind us. My belief is that people are going to need to get out of the house and we want to position ourselves to satisfy their need.
“I am especially excited about this potential acquisition. I believe it will greatly enhance our bottom line and continue to provide shareholder value.”
This is the company’s first potential use their $5 million line of acquisition credit. Schaeffer continued saying: “We are of the opinion that now is the time to aggressively look to acquire other businesses that match our vision.
“We are in preliminary discussions with several companies that match our growing portfolio. I want to see ZoomAway emerge from this crisis stronger and prepared for growth.”
The company’s mission statement further underlines their strategy – We are combining Travel, Hospitality, Mobile Gaming and Augmented Reality to change the way users travel into 2020 and beyond.