OpenJaw eyes China market, may consider IPO in 2019
Irish travel tech firm OpenJaw is embarking on an ambitious expansion plan to double its workforce to 450 and boost annual revenues to more than €40 million over the next three years, reported local newspaper Independent.
A listing of the business in Dublin and London is likely to be explored by the company's Chinese parent thereafter, OpenJaw CEO Kieron Branagan told Independent.
OpenJaw was acquired by Chinese aviation IT firm TravelSky for just under USD 40 million last year and provides software designed to help airlines sell ancillary products alongside tickets. Its software also helps facilitate customer loyalty programmes.
Funding for the expansion plan will come from a mix of the company's profits and investment from its parent. The company is looking to develop its offerings in the areas of mobile and big data. A major area of focus is growing in China, where the aviation industry is growing fast.
Prior to the purchase by TravelSky, OpenJaw was bought by Canadian firm Guestlogix in late 2014 but was later sold on after Guestlogix ran into trouble with lenders.
Branagan departed the business after the Guestlogix deal but came back as chief executive when OpenJaw was sold to TravelSky.
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