TBO Tek buys Jumbo's online business to expand global footprint
TBO Tek, which has filed its draft IPO papers with Sebi, told ET that it has signed a deal to acquire the online business of Jumbo Tours Group of Spain, through its wholly owned subsidiary Tek Travels DMCC. The company has acquired the business for a consideration of ₹25 million, as per the draft IPO papers.
Jumbonline Accommodations & Services has been demerged as an online business from Jumbo Tours Group. The DMC (destination management company) business of Jumbo Tours Group will remain a part of Alpitour World.
Gaurav Bhatnagar, co-founder and joint managing director of Tek Travels DMCC, told ET that this acquisition will give the company access to not just Jumbo's clientele but content from across 'prime' destinations in Europe right down to the Caribbean.
«We continue to expand our global footprint by staying true to our commitment to simplifying global travel,» he added.
TBO was founded in 2006 by co-founders Ankush Nijhawan and Gaurav Bhatnagar. Both of them are joint managing directors of the company.
Jumbo Tours Group is an international tourism operator offering services and products to tourism operators and travel agencies worldwide.
The Jumbo online business distributes products for wholesalers and tour operators under one single platform. Their API solution provides access to over 120,000 hotels with 15,000 directly contracted hotels.
Read more on economictimes.indiatimes.com
