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The American fund Warburg Pincus is finalising the purchase of Accelya, an airline outsourcing company based in Barcelona.


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Integral service around a transaction
BY : Diego GutiérrezFebruary Thu, 2017
Warburg Pincus has beaten PAI Partners and Bridgepoint to take over the Spanish company Accelya to create a giant in the world of outsourcing in the tourism sector.

The American fund Warburg Pincus is finalising the purchase of Accelya, an airline outsourcing company based in Barcelona.

About Accelya

Accelya  is a Spanish company based in Barcelona, which helps more than 200 airlines to optimise financial processes, providing accounting and general administration services to better manage costs, risks, revenue losses and cash flows.

In 2007, Accelya was bought by French private equity fund Chequers Capital. This led to Accelya buying 36% from Indian technology consultancy Kale consulting in 2010. Kale is one of the few medium-sized Indian IT companies serving clients in the airlines, logistics and travel industry.

 The company currently has a turnover of around $$ 130M (its figures are expressed in US currency) and an operating profit of almost $50 million. As a result, the value of the entire company, which operates in eight countries, with a workforce of 2,000 people, is around $600 million, or about €500 million.

Warburg Pincus' goal, to own a BPO giant for the tourism sector

After a competitive process to acquire Accelya, in which several international private equity heavyweights participated, the US fund Warburg Pincus has managed to win out over the other two rivals in the final bidding, PAI Partners y Bridgepoint.

The purchase price is around €650M, which is higher than originally expected, due to the opportunity that the company represents for Warburg Pincus. Warburg Pincus has controlled one of the leading players in the global aviation software and technology services industry, Mercator, since 2014. The integration of Accelya with Mercator has synergies based on the integration of capabilities, which can offset the price premium currently paid.

The resulting company is a leading global provider of technology-based solutions for airlines, travel agencies and freight forwarders. The integrated company will have pro forma annual revenues of over USD 200 million and significant capacity to invest in products and technology to remain at the forefront of innovation and service quality.

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