Published By : 21 Jun 2018 | Published By : QYRESEARCH
With the acquisition of Flyin for an undisclosed amount, a prominent online travel aggregator in Saudi Arabia, Cleartrip, the leading online travel agent, will be sealing its first ever acquisition since its inception. Cleartrip is planning to expand its presence and gain an access to a larger client pool in the Saudi Arabian market with the help of this deal while reinforcing its position in the Middle Eastern and the North African markets. The company stated that this combined entity will have over 60% share all across the Middle East, leading to enhanced profitability on account of an improved unit economics and a broader scale of operations.
Stuart Crighton, the Founder and CEO of Cleartrip, stated that the company considers Flyin as a natural partner in this region, owing to its strong consumer base and varied travel offerings. “Both the companies will leverage each other’s strong points to support their product development process and, ultimately, the consumer experience,” he added. The terms of the acquisition are yet to be disclosed, however, the Indian company claimed that this will be the biggest deal in the travel and touring sector in the Middle East and North America region. It also stated that this will be one of the prominent cross-border transaction of this nature by any Indian online travel portal. “The transaction showcases the culmination of the firm’s quest for a strategic partner, which has an outstanding market presence in Saudi Arabia and conforms its business principles and ethos.” Crighton further stated.