Billion-dollar Nasdaq-listed travel commerce platform Travelport has taken control of Melbourne-based tech start-up Locomote upping its stake in the company to 55 per cent and installing a new chief executive.
Terms of the investment will not be disclosed but The Australian Financial Review understands that Travelport's stake in Locomote is now worth between $50 million to $100 million, with the new stake being worth multiple millions.
Locomote is a business travel and expense platform headed by serial entrepreneur Philip Weinman, who has been founding successful technology companies since HISoft in 1983. It has more than 200,000 users at clients including Australia and New Zealand Banking Group, Allen & Overy and Medibank.
further coverage on this story:
Travel Weekly: Travelport buys majority stake in corporate travel tech firm
ETB Travel News: Travelport takes majority share of Aussie start-up, Locomote
Daily Bulletin: Travelport takes majority share of Aussie start-up, Locomote
Travel Trends: Travelport Increases Stake In Locomote to 55%
Travel Daily Asia: Travelport takes majority stake in Locomote
Travel Daily News: Travelport takes majority share of Aussie start-up, Locomote