UK-based leisure travel technology company Comtec has signed an agreement with Amadeus to buy back latter´s 20% stake in the company acquired in early 2004. (11/22/2007)
Comtec stated: "Both companies have worked well together in the UK to the benefit of customers, and both have grown substantially. In addition, Comtec is providing products and services to Vacation.com, an Amadeus subsidiary that is the largest travel agents consortium in North America. This will present Comtec with the opportunity to penetrate an enormous market."
"Consolidation of ownership will benefit Comtec as it moves forward as a provider of leisure technology to the UK, North American and other international markets. Both organisations agreed therefore that there was no significant strategic benefit to either party in Amadeus maintaining its minority stake."
Comtec´s travel distribution systems include EasySell (Agency Selling System), WebSell (Online Selling System), TravelCat (Agency Management System) and Travelink (Tour Operator Sales and Management System). The company employs over 120 staff at its headquarters near Newport in South Wales.
Comtec buys back Amadeus' 20% equity stake