Inflexion acquires ATCORE Technology Group
Inflexion Private Equity today announces that funds managed by Inflexion have acquired ATCORE Group (‘ATCORE’), a leading travel technology company which provides specialist software platforms for the global leisure travel sector.
With clients such as TUI, Thomas Cook and Mark Warner, ATCORE comprises of two principal platforms, Atcom and Tigerbay. Atcom designs, builds and maintains reservation software for leading global tour operators. Its proprietary reservation system is highly complex, and supports sophisticated business models which allow clients to manage large volumes of search requests, optimise customer experience and enhance profitability. Tigerbay serves specialist travel companies. It operates a dynamic, flexible, end to end platform that supports a wide range of different businesses and embraces best in-class digital technologies. The global travel and tourism market is large and valued at $2.3 trillion with 4% growth forecasted over the next 10 years. Digital transformation has accelerated a shift to online bookings; consequently, UK Tour Operator IT spend is growing at nearly 20% CAGR.
Inflexion will help ATCORE’s ambitious management team accelerate organic growth. We will also work closely with management to explore a targeted acquisition strategy, capitalising on Inflexion’s locally based international experts in Asia and South America to drive international expansion.
Dave Cruickshank, ATCORE CEO, commented, “ATCORE is a thriving international business, designing and operating advanced software platforms for our world-class client base. Customer service excellence is absolutely paramount and we are committed to providing them with a premium service. Partnering with Inflexion, who has extensive sector knowledge and broad international reach, will further enhance ATCORE’s offering and we are excited about the next stage of our growth together.”
Simon Turner, Managing Partner, Inflexion, commented, “Inflexion has unrivalled experience in the travel and technology sector with relevant businesses such as Reed & Mackay, Scott Dunn and Griffin Global Group; we also successfully listed On the Beach Group Plc on the London Stock Exchange. ATCORE is an impressive business, leading the pack with technology innovation at its core. We are delighted to partner with such an experienced management team and help grow their market leading position.”
The Inflexion deal team comprised of John Harper, Gareth Healy and Henry Arundel. John and Gareth will join the board on completion. The transaction provides an exit for mid-market private equity firm LDC, which backed the management buyout of the business from its listed-parent Anite PLC in 2014.