Expedia, Inc., (NASDAQ: EXPE), the world's largest online travel company, and SilverRail Technologies, Inc., the world's first unified platform for global rail distribution, yesterday announced entry into a definitive agreement in which Expedia® will acquire a majority stake in SilverRail. SilverRail set out to solve rail's most challenging technology problems and has been an important Expedia industry partner, helping to bring online booking for rail to Expedia's customers.
"Rail is ready for an online revolution, and we're ready to be a part of it. Rail's shift online is one of the fastest growing areas of innovation in the $1.3 trillion travel market, and SilverRail is powering that innovation," said Dara Khosrowshahi, Expedia, Inc. president andCEO. "We are tremendously excited to welcome the incredibly talented SilverRail team into the Expedia family."
"The investment by Expedia will make our business bigger, stronger, and faster in executing current commitments and meeting the demand of new business," said Aaron Gowell, SilverRail Technologies CEO. "We were looking for an investor and partner that understood our ambitions and was committed for the long term. Expedia is an ideal fit for us, as it sees the huge potential in rail and has a history of keeping its brands nimble."
SilverRail, which was founded in 2009 by Aaron Gowell and Will Phillipson, is headquartered in London, and has offices in Boston, Stockholm and Brisbane. The company handles more than 1 billion online rail searches each year and processes more than 25 million bookings. It will remain focused on transforming the consumer experience of rail for carriers, travel retailers, and corporate travel companies.
The transaction is anticipated to close in the middle of 2017 pending satisfaction of closing conditions, including approval from the relevant competition authority.