Traveltek secures £5.3m investment from fund manager YFM
BBC News Writes:
A Scottish tech firm which supplies a specialist booking system for travel agents and tour operators has attracted major investment from a private equity fund manager.
East Kilbride-based Traveltek said YFM Equity Partners (YFM) had invested £5.3m in the business.
It plans to use the money to further develop its product and accelerate office expansion across the globe.
The firm currently runs offices in the US, Scotland, England and Australia.
It aims to increase group staff numbers from under 100 to about 200 over the next three years.
Founded in East Kilbride in 2002, Traveltek provides travel retailers, agents and wholesalers with technology to package together hotels, flights, cruises and ancillary travel services in one transaction.
Existing clients include Trailfinders, Co-operative Travel, Emirates and Barrhead Travel.
Traveltek group managing director Kenny Picken said: “YFM’s investment will allow us to continue to develop our market-leading position by accelerating our existing international office network as well as expanding our local Scottish headquarters to support this growth.”
YFM investment director Nigel Owens added: “Traveltek is the only fully integrated, technology-focused packaging solution for travel agents and travel operators in the world.
“The existing development of the international office network and Traveltek’s growth in sales is testament to the proposition and the existing management team we are backing.”