Skift Take
Mondee's flagship business is providing software to travel agents. Its pitch deck has ambitious predictions about how it can become a high-margin business. But the group is hedging its bets with a subscription model appealing directly to travel shoppers via its newish brands TripPlanet and Unpub.
California-based Mondee Inc is nearing a deal with a blank-check firm that would value the travel-technology firm at about $1 billion and take it public, the Wall Street Journal reported on Sunday.
Mondee will merge with special-purpose acquisition company (SPAC) ITHAX Acquisition Corp, the report said, citing people familiar with the matter. A deal could be announced as soon as Monday.
The firm would raise a $50 million private investment in public equity with funds affiliated with Morgan Stanley Investment Management and other investors as part of its deal, the report added.
Mondee did not immediately respond to request for a comment outside of business hours.
Since its founding in 2011, it has acquired multiple platforms in the travel tech space, including Rocketrip and Cosmopolitan Travel Services.
Recently, travel-booking services provider American Express Global Business Travel (GBT) also announced its plans to go public via merger with Apollo Strategic Growth Capital in a deal valued at around $5.3 billion.
(Reporting by Maria Ponnezhath in Bengaluru; Editing by Daniel Wallis and Sam Holmes)
This article was from Reuters and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to [email protected].
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