TEL AVIV, Israel and COPENHAGEN, Denmark and MIAMI, May 5, 2022 /PRNewswire/ -- 777 Partners, a Miami-based private investment firm with a growing aviation and travel portfolio, today announced the acquisition of Tel Aviv-based AeroCRS and Copenhagen-based WorldTicket.
The addition of AeroCRS and WorldTicket to 777 Partners' travel technology portfolio supports the company's ambitious technology strategy focused on delivering solutions that create new commerce channels for travel companies and improve next-generation retailing, distribution, interlining, and passenger connectivity.
Joshua Wander, founder and managing partner of 777 Partners, said, "Changes within the travel sector have created an unprecedented opportunity for a new wave of highly disruptive companies focused on the latest retailing technology to partner with the wider travel community. We are delighted to welcome the talented AeroCRS and WorldTicket teams into the 777 family as we deliver on our exciting travel strategy through 2022 and beyond."
777 Partners also leases aircraft and deploys technology solutions to its dynamic portfolio of airline investments, including Flair in Canada and the Australian start-up airline Bonza. With the 2019 acquisition of Air Black Box, an interlining technology company, the addition of AeroCRS and WorldTicket will form a new travel group offering a suite of disruptive technology products to airlines and travel companies worldwide. The acquisitions are part of 777 Partners' $100m commitment to the travel vertical and supporting the post-pandemic travel rebound and industry restructure through new disruptive technology opportunities.
Founded in 2006, Israel-based AeroCRS offers several travel-related products, including inventory management, reservations, and flight/fare management technology. The proven technology and product suite have been adopted significantly over the last two years as the aviation industry reviewed partnerships and distribution strategies. With cloud based and NDC level 4 technology at its heart, AeroCRS already hosts 90 airlines worldwide, with eight more in advanced implementation.
Meir Hadassi Turner, CEO & Founder of AeroCRS, said, "We are delighted to embark on our next exciting growth stage with 777 Partners. The adjacent synergies across the investment portfolio are significant and combined with 777's own proprietary technology and talent, we'll create a new travel group and a suite of travel solutions to support the growth and transformation of global start-up, low cost and full-service carriers of all sizes."
The acquisitions were led by Josh Wander and Steve Pasko, the founders of 777 Partners, and Adam Weiss, Chief Executive Officer of the firm's travel group who oversees all aviation and travel investments.
"Over the last two years, we have been focused on architecting and building a platform of interoperable, modular products which enable airlines, airports, and other travel companies to evolve their business models and regain control of passenger relationships by unencumbering themselves from legacy systems. These acquisitions significantly advance that effort." said Adam Weiss.
For more information about 777 Partners' travel group, or to speak with an executive, please contact Vanessa Horwell at email@example.com
AeroCRS provides technology services and distribution connectivity to more than 90 travel companies worldwide since 2006. Its technology solutions include inventory management, yield & revenue management, fares & classes management, open API, B2C & B2B platform, fares branding, FFP, BI platform, reporting center, and many more technology services. In addition to the core software services, AeroCRS invented the AeroCRS Network. The Network is an online distribution platform for airlines based on API integrations globally to over 20 distribution channels. Any airline using the AeroCRS Network can increase sales and grow distribution reach no matter which Passenger Service System (PSS) solution it uses.
WorldTicket is a leading provider of Passenger Service Solutions (PSS) to airlines of all business models. Since 2002 the company has developed innovative and flexible airline IT solutions and is currently servicing more than 75 airlines worldwide. WorldTicket is headquartered in Copenhagen and has offices in Miami, Bangkok, Warsaw, Kyiv and Beijing. The global organization set-up allows 24/7 support for all airline customers across time zones. WorldTicket is the only PSS provider that has acquired its AOC holding airline, FlexFlight, with the IATA code W2. It allows the innovative company to sub-host any airline into the GDS without any long implementation times and upfront investments.
About 777 Partners
777 Partners is a Miami-based alternative investment firm that invests across several high-growth, attractive verticals. Founded in 2015, 777 Partners strategically invests across six broad industries: insurance; consumer and commercial finance; litigation finance; direct lending; sports, media and entertainment; and aviation. Within sports, notable investments include Genoa FC, a significant stake in Sevilla FC, one of Spain's most prestigious and successful football clubs, and the London Lions, London's only team in the British Basketball League team. Within travel, investments include AeroCRS, WorldTicket, Air Black Box and the ultra-low-cost carriers, Flair and Bonza.