- CVC will pay $77 million to buy 100% of the travel agency Almundo in the hopes of improving the group’s digital services
- In 2018, Almundo had a liquid revenue of $60 million, with operations in Brazil, Mexico, Argentina, and Colombia
- The biggest change was in the Argentinian market, where CVC doubled their market-share rate after the transaction
CVC will pay $77 million to buy 100% of the travel agency Almundo, which has operations in Brazil, Mexico, Argentina, and Colombia. The technological system adopted by Almundo was the main factor responsible for keeping CVC’s interest in closing this deal, “one of the main reasons for the acquisition is that we found a company with a unique tech platform,” reveals Luiz Fernando Fogaça, CVC’s president in an interview for the Brazilian media outlet Valor Econômico.
With this movement, CVC jumps from having 8% of the market share in Argentina to 16% – becoming the second main player of the segment in the country and getting closer to the leader of the travel market in Argentina, Despegar.com, which has 18% of the market share.
Fogaça said that now the Argentinian market is going through a period of instability, yet the company is confident that next year holds a great growth potential, “until then, we will have the time needed to integrate both companies and capitalize on the future growth of the country,” he affirms.
Almundo reached a liquid revenue of $60 million in 2018 and already has 70 physical agencies in Latin American countries, although the brand is more well-known as a digital tourism agency. That’s why the 150 employees in tech sectors from Almundo will join the 400 CVC employees in Brazil to develop digital products and solutions.