Expedia has nabbed SilverRail Technologies, acknowledging that rail is projected to be the next big thing in travel.
“Rail is ready for an online revolution, and we’re ready to be a part of it. Rail’s shift online is one of the fastest growing areas of innovation in the US$1.3 trillion travel market, and SilverRail is powering that innovation,” said Dara Khosrowshahi, Expedia’s president and chief executive officer.
Expedia will acquire a majority stake in SilverRail, a company that “set out to solve rail’s most
SilverRail Technologies (PRNewsfoto/Expedia, Inc.,SilverRail Techno)
challenging technology problems and has been an important Expedia industry partner, helping to bring online booking for rail to Expedia’s customers”.
“The investment by Expedia will make our business bigger, stronger, and faster in executing current commitments and meeting the demand of new business,” said Aaron Gowell, SilverRail’s chief executive officer.
“We were looking for an investor and partner that understood our ambitions and was committed for the long term. Expedia is an ideal fit for us, as it sees the huge potential in rail and has a history of keeping its brands nimble.”
SilverRail will remain focused on transforming the consumer experience of rail for carriers, travel retailers, and corporate travel companies. The transaction is anticipated to close in the middle of 2017 pending satisfaction of closing conditions, including approval from the relevant competition authority.
A recent report – Sixth UNIFE World Rail Market Study – conducted by Roland Berger, noted the global rail market volume which hit close to 160 billion euros (US$174 billion) in 2015 is forecasted to reach 185 billion euros by 2021.
The report named Asia Pacific and Western Europe as the biggest regional markets, accounting for a combined 58 percent of the world market.
