The Greek and Cypriot interests SPAC ITAX Acquisition Corporation is merged with the major technology travel service provider Mondee, introducing the shares of in Wall Street.
A significant move of investment innovation in the new type of tourism industry was announced a few minutes ago on Wall Street.
The Greek and Cypriot Special Purpose Acquisitions Company (SPAC) ITHAX announced its merger agreement with Mondee, a technology organization and Tourism Industry Disruptor, based in Silicon Valley, thus introducing its shares in the NASDAQ market, with a total capitalization of $ 1 billion.
Orestis Fintiklis, founder of Ithaca Capital Partners (Private Equity company specializing in tourism and real estate based in Miami), together with the founders of AHIA Ventures Group Dimitris Athanasopoulos, Antonis Achilleoudis and George Linatsos and their associate Alen jointly established on Wall Street, a Special Purpose Acquisition Company (SPAC Special Purpose Acquisition Company), ITHAX.
In February 2021, ITHAX raised 241.5m. dollars by public subscription, listing its shares on the NASDAQ Stock Exchange. To these funds was added $ 50 million through PIPE (Private Investment in Public Equity) which gave the opportunity to participate in the project, including funds from Morgan Stanley Investment Management, Origami and ARCPE as well as companies in the tourism industry (Travco, Entertainment Benefits) but also founders of large private equity investment firms as well as family offices from America and Europe.
The sole purpose of all Special Purpose Acquisition Companies (SPAC) is to merge with an unlisted company which uses the reverse merger method to list its shares on the US stock exchange.
This is exactly what happened today.
ITHAX has partnered with Mondee Inc., a state-of-the-art company specializing in B2B services in the tourism industry, and immediately after the “reverse merger” method, the shares of the new consolidated company with a market capitalization of $ 1 billion will be traded on Nasdaq with code name “MOND”.
Mondee started by introducing new technologies and disrupting the travel agents market, mainly in the leisure sector, which until then had “abstained” from significant innovations. The company soon became a leader in the field of private air ticket purchases in North America. Today Mondee is expanding into the hotel space, as well as the area of car rental, cruising and organized holidays. All this, based on state-of-the-art technologies and the extensive network it has developed.
Mr Prasad Gundumogula, Founder and CEO of Mondee Inc., stated shortly after the announcement of the agreement:
“Mondee has developed technologies that have changed the industry and transformed outdated travel infrastructure, offering a modern flexible platform.
Mondee technology platform and its relationship with the tourism industry, offer the right platform (marketplace), the right tools and the right content that facilitate and accelerate the success of our customers.
Today’s announcement marks the beginning of the next chapter of our development as the travel market continues to normalize.
Mondee’s vision is to transform the entire travel industry, as it already provides in-a-box travel solutions services, with an extensive network of travel agents and gig-economy workers, corporate clients and closed groups offering easy and automated connection with airlines, hotels as well as additional tourist services.
The next step in Mondee’s evolution is to continue to expand its content offering, enhancing holiday rental hotel options and digitizing cruise and tour departments, while further enhancing its distribution channels.
We are excited to work with the ITHAX team as we strive to accelerate our growth in existing channels as well as in new divisions, both organically and through mergers and acquisitions. “
For his part, Orestis Fintiklis, President & CEO of ITHAX and Founder of Ithaca Capital Partners, which specializes in investments in the tourism and hotel industry, said:
“ITHAX started with a mission to work with an established leader in travel and hospitality who applies an extremely subversive but proven business model and has an exponential increase in revenue and a historic EBITDA.
Mondee is exactly this partner.
Mondee has created a new subversive travel content marketplace in a market of about $ 1 trillion that creates a significant increase in turnover in a fragmented, huge market.
Prasad and his team have proven their ability to make successful and collaborative acquisitions, while Mondee’s multifaceted growth strategy allows it to continue to capitalize on market trends.
We are excited to partner with Prasad and his experienced team to help bring the company to the stock market at an exciting valuation that we believe will allow investors to reap much of Mondee’s exponential growth. .
“We look forward to supporting Mondee’s next phase of development through the development of new operations, the improvement of its capital structure and the implementation of its dynamic merger and acquisition strategy.”