Constellation Software is clearly on an acquisition mission. Peakwork was the latest in its goal to claim a bigger hold on the travel industry.
Founded in 2009, Germany-based Peakwork develops distribution systems used by airlines, tour operators, and online travel agencies. Its product allows travel suppliers to access those services for sale to customers.
Toronto-based Constellation is a publicly listed global conglomerate of software businesses in a variety of industries.
The acquisition price and terms were not disclosed.
Constellation took over 100 percent of Peakwork. The majority of Peakwork was held by the company’s management, the company said. Besides the 15.4 percent stake held by TUI Group since 2016, Brockhaus Private Equity has had a stake since 2017.
Peakwork has around 150 employees, and the company said there are no major changes or layoffs planned.
As part of the acquisition, Ralf Usbeck is no longer CEO of Peakwork. He is joining Juniper Travel Group’s board of directors as a strategic advisor. Manuel Saballus, Peakwork’s chief of staff and vice president of business development and strategy, was named as the new CEO of Peakwork.
Peakwork is joining Vela Software, one of the six divisions of Constellation Software. Peakwork is becoming part of Vela’s Juniper Group, which also includes travel software companies Juniper Travel, TPF Software, T4W, Airport Information Systems, and IST Cruise Technology.
Peakwork said in the announcement that the deal will strengthen the offerings for customers and partners and allow the company to obtain more international exposure. Peakwork will operate independently, maintaining its brand, leadership, and team. And the company said there will be no disruption to services.
For Constellation, the deal “represents an important milestone in pursuit of being globally recognized as the leading travel technology player through its Juniper Travel Group by all relevant industry players,” the company said.
Juniper Group made six acquisitions in 2022 alone, according to its website.
“We are extremely excited about this transaction. Peakwork will play a principal role within our portfolio of travel software companies, adding a senior and very talented management team and high-performing technology stack to our group,” said Jaime Sastre, CEO of Juniper Group and founder of Juniper, in a statement. “Together, we will be able to offer better solutions and cover all the IT needs of our customers and partners.”
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Photo credit: Constellation Software has acquired Peakwork. Source: Unsplash John McArthur / Unsplash