Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now

A billion-dollar travel giant has paid a cool €55 million for one Dublin tech firm

After 10 years, the founders of Mobile Travel Technologies will share in a big payday.

One of MTT's travel apps
One of MTT's travel apps
Image: Twitter

DUBLIN-BASED MOBILE TRAVEL Technologies has been bought out by billion-dollar UK firm Travelport Worldwide.

The 10-year-old Irish mobile software developer, which was set up by English expat Gerry Samuels, counts companies like EasyJet and Singapore Airlines among its clients.

Travelport, which has a market value of $1.68 billion (€1.53 billion) and last year recorded revenues of over $2.1 billion (€1.9 billion), paid €55 million for the Dublin company.

It will also hand over shares worth €14.4 million to 28 executives at the smaller outfit, assuming the company hits its targets.

Mobile Travel Technologies (MTT) CEO Gerry Samuels said joining Travelport would help his company speed up its growth in providing ”cutting-edge mobile innovations to airlines and travel intermediaries so that they can better serve the end traveller”.

MTT has experienced very significant growth as the market and demand for mobile travel has expanded and there is enormous potential to grow further,” he said.

MTT3 Source: Instagram

MTT provides apps with features like online bookings, check-in and mobile messaging on devices ranging from smartphones to the new Apple Watch.

The company will keep running under its own management as a wholly-owned subsidiary of the new parent.

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article.

Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

For the price of one cup of coffee each week you can make sure we can keep reliable, meaningful news open to everyone regardless of their ability to pay.

Mobile booking boom

The buyout was the latest in a long chain of investments in travel technology from Travelport, which has recently taken a major stake in German company Travel-IT and Australian firm Locomote.

Travelport CEO Gordon Wilson said the buyout was a “natural extension” of its plans for “redefining travel commerce”.

Last year, nearly 200 million airfare bookings were made from mobile devices worldwide and the figure is predicted to pass 540 million by 2018, according to figures from Juniper Research.

The value of the trade is expected to grow from $52 billion to $145 billion over the same period.

READ: An Irish startup wants tech workers to go for lunch and come back with jobs >

READ: An Irish woman’s ‘Hailo for cleaners’ has just been bought for €32 million >

About the author:

Peter Bodkin  / Editor, Fora

Read next: