An East Kilbride-based provider of booking systems for the travel sector is looking to ramp up its overseas presence after securing a £5.3 million investment.
Traveltek also said it was planning to more than double its headcount to about 200 people over the next three years following the cash injection from YFM Equity Partners.
YFM’s investment will allow us to continue to develop our market-leading positionKenny Picken
Founder and managing director Kenny Picken said the company, which counts the likes of Barrhead Travel, Emirates, Flight Centre and Trailfinders among its clients, currently has a international network of four offices – a number that is set to expand to 12 on the back of YFM’s investment.
He added: “We chose YFM based on its long history of working successfully with owner-managed teams and growing businesses internationally.
“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.”
The private equity firm’s backing has also seen Kelvin Harrison – the former chief executive of IT services group Maxima Holdings – installed as Traveltek’s chairman.
YFM investment director Nigel Owens said: “Traveltek is the only fully integrated, technology-focused packaging solution for travel agents and travel operators in the world.
“We have been impressed by management’s commitment to fully understand its customers’ business and create market-leading tailored solutions. 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.”
Chris Horne, the managing partner of accountant Campbell Dallas, which acted as corporate finance adviser to the company, added: “Traveltek is a great Scottish success story, and has the potential, with this investment, to become a major international player in the travel bookings technology market. We are delighted to have helped advise the business on its fundraising, and to have worked with YFM on this deal.”