Canadian online travel consolidation as iTravel2000 sells to RedTag
The mid-tier online travel agency market in Canada has got smaller this week with the acquisition of iTravel2000 by Red Label Holdings.
The mid-tier online travel agency market in Canada has got smaller this week with the acquisition ofiTravel2000 by Red Label Holdings.
Red Label is the parent company behind rival OTA RedTag, as well as tour operating brands such as Sunquest and BelAir Travel.
Terms of the agreement to buy the 22-year-old iTravel2000 have not been disclosed.
The group’s main OTA rivals in Canada are Booking.com and Expedia.
Red Label president Joe DeMarinis says the deal will help iTravel2000 grow faster and give it “more options, differentiated products and services” for its domestic audience.
Ontario-based iTravel2000 ended its independence in 2006 when it was bought for a reported $51.5 million by UK group Travelzest.
When Travelzest ran into difficulties in 2012-2013, iTravel2000 was subject to a protracted sale process that eventually saw it land in the hands of its most recent owner, a UK investment house known as Westminster Group.
The acquisition by Red Label will be subject to regulatory approvals in Canada.
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