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Helloworld acquires Excite software


HLO plans to use system to enhance its existing B2B technology

Travel agency group Helloworld Travel Limited has announced it will purchase Excite Holidays’ booking software platform. 

 

 

According to the group, the software will be used to further enhance Helloworld Travel’s existing B2B Ready Rooms business and “deliver improved platform functionality for agents”. 

 

Following on from the launch of Helloworld’s proprietary mid-office technology ResWorld last year, the acquisition will also further develop the company’s business-to-business technology in its retail division. 

 

Excite Holidays was placed in administration on 10 January 2020, with KPMG Australia appointed administrators of the former travel wholesaler. 

 

In its Voluntary Administrators’ Report, which was released on 10 February, KPMG revealed that Excite had failed due to high operating costs, high levels of capital expenditure, insufficient working capital and poor financial management under the former CFO’s tenure up to December 2018. 

 

This was in addition to the reasons put forth by the company’s directors, which included an “immediate and ongoing decline in revenue” following Excite’s voluntary removal from ATAS in December 2018 and the failure to secure a buyer or investor for the business in the necessary timeframe. 

 

The full report can be found here.

 


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Written by: Mark Harada

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