TUI Ventures, the capital investment company of TUI Group, has acquired 15.4% stake in technology provider peakwork, the first anchor investor for the Düsseldorf-based company.
peakwork is also planning to attract additional investors.
The parties have agreed not to disclose the investment price. Instead a statement from peakwork said the investment was facilitated through a capital increase and shares from existing peakwork shareholders.
With the investment from the European tour giant, peakwork aims to work with TUI to establish a global market standard for the distribution of tourism services.
TUI & peakwork to establish global market standard for distribution of tourism services.
“peakwork’s innovative Player-Hub technology and the growing global partner network offer an ideal basis to meet the increasing requirements in tourism on an international level,” added the statement.
Frank Rosenberger, group executive committee member and TUI’s group director for strategy, added: “The acquisition of the stake in peakwork marks our entry into an innovative IT technology and a highly scalable business, aimed at further accelerating the pace of TUI’s growth,
“For a continued expansion of our portfolio of differentiated products and services, we need the technologies offering these products and services to our customers in a fast, transparent and tailored manner through all distribution channels.”
A number of tour operators, hotels, bed banks, airlines and agencies are using peakwork Player-Hub technology. Among them are easyJet, airberlin, Emirates, Lufthansa, Austrian, hotelbeds, Hotelplan, Thomas Cook, KAYAK and Trivago.
