NVM Private Equity (NVM) has invested £7 million in the management buy-out of Intuitive Limited, a provider of software and related services to the travel industry, from Lowcosttravel Group. Under independent ownership the management team will build on their market leading product to capitalise on the global trend towards more dynamic and flexible travel booking systems.
In 2005, Intuitive launched its flagship web-based software platform, iVector, just two years after the business was established. Fuelled by customer demand and the vision of the Intuitive team, iVector is now one of the most advanced platforms for managing travel bookings for on-line travel agents, tour operators, airlines, hotels, bed banks and transfer providers.
The on-line travel sector has increased dramatically in the last ten years as internet and ‘no frills’ airlines have disrupted the traditional tour operator market. The European travel industry generated revenues of £187 billion in 2011, of which the estimated total booked on-line was c£64 billion. In the last 12 months, iVector’s software platform has handled an estimated 416 million searches, resulting in over 2.5 million booked passengers.
Lowcosttravel Group have sold Intuitive as part of their global reorganisation strategy which started earlier this year to refocus their operations on the core lowcostbeds and lowcostholidays businesses.
Paul Nixon, Managing Director of Intuitive: “Using the latest technologies we have developed a platform that can navigate through complex requirements with ease. The market was primarily based on legacy software, but has evolved from traditional package tour operators to more flexible on-line travel offerings. This significant investment by NVM underpins the next stage of our growth as we aim to become a global leader in the online travel sector. We are delighted to have NVM supporting our business and the management team.”
Peter Hodson, Director of NVM Private Equity:
“We are very excited to be backing Paul Nixon and his team as they embark on Intuitive’s next phase of growth. We recognise the market leading status of the iVector software platform and believe there is a significant opportunity to grow the business within the on-line travel industry in international markets.”
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Inclusions: Images – Paul Nixon and general industry.
Intuitive Limited www.intuitivesystems.com
NVM Private Equity Limited (NVM) is independently owned with over 28 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing over £200 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. Typically, NVM looks to invest between £2 million and £10 million in each transaction. www.nvm.co.uk