Mondee buys Interep for $8.9m for LatAm expansion
US / Brazil: Travel tech marketplace Mondee has announced the acquisition of São Paulo-based B2B travel provider Interep [Interep Representações Viagens E Turismo S.A.] for $8.9 million.
Mondee, which went public via a special purpose acquisition company [SPAC] merger with ITHAX Acquisition Corp last July, will use the acquisition of Interep to further expand and diversify its geographic footprint in Latin America, enhance its product offerings, and provide a complementary distribution network to that of Orinter [Mondee’s previous purchase in Brazil].
The company is seeking to drive change in the leisure and corporate travel sectors through a broad array of innovative solutions. Its network includes 55,000+ leisure travel advisers and gig economy workers, 500+ airlines, and over one million hotels and vacation rentals, 30,000 rental car pickup locations and 50+ cruise lines, while it also offers packaged solutions and ancillary offerings that serve a global customer base.
Interep’s distribution network of 3,100 active affiliates and travel experts mostly serves affluent, leisure travellers and corporate customers. The company curates valuable content, including hotels, cars, services and tours, through a powerful distribution network and influencer-driven marketing strategies.
Over the last year, the Brazilian firm has reported strong, profitable growth, doubling its net revenues compared to pre-pandemic levels. In 2022, Interep’s adjusted EBITDA was approximately US $2.8 million.
Mondee chairman, founder and CEO, Prasad Gundumogula, said: “We are delighted to have Cynthia and Diana, Interep’s accomplished management team, join the Mondee family. Our recent acquisitions of Orinter and now Interep advance our market presence in Brazil and the broader South American markets.
“Our strategy is to continue expanding our footprint in the region and other attractive global markets by acquiring businesses that complement and synergise with our existing solutions and enhance our expert-backed experiential content,” added Gundumogula.
Interep CEO Cynthia Rodrigues said: “The entire Interep team is thrilled to join Mondee and work towards realising the growth potential of our combined offerings and capabilities not only in Brazil but also across the wider region. We are particularly excited about leveraging Mondee’s advanced technology and industry-leading expertise to enhance our customers’ travel experiences.
“With our shared commitment to innovation and customer satisfaction, we believe that together we can redefine the travel industry in Latin America,” she added.
