Cheapflights Media Invests In Momondo

LONDON and BOSTON, MA and COPENHAGEN, DENMARK -- (Marketwire) -- 03/29/11 -- Cheapflights Media Ltd is delighted to announce that it has completed an investment in the travel meta-search site momondo.com and its parent company Skygate International. Momondo and Skygate will continue to operate from Copenhagen as independent brands led by their existing and successful founding management. Both companies are private and no details of the consideration are being disclosed.

This partnership brings together two pioneering, profitable and growing online consumer travel search brands as well as Skygate's innovative business-to-business travel solutions company. In 2010, Momondo and Cheapflights collectively hosted over 115M visits from travelers across 15 countries and listed millions of travel deals from over 700 airline and travel partners. Each business brings complementary product and geographical strengths. Cheapflights will continue to focus on providing the best flights deals for consumers with flexible schedules looking for travel inspiration. Momondo will continue to focus on providing consumers on a fixed schedule with real time bookings in flights, hotels and car hire. Geographically, Momondo has a strong Scandinavian and Russian presence, while Cheapflights has a strong UK and North American presence.

Chris Cuddy, Cheapflights Media's CEO, said: "We are thrilled to be partnering with the innovative team at Momondo. They have deep expertise in online travel and share Cheapflights' passion for demystifying the often overwhelming task of finding and booking the best travel deals."

He added: "We greatly admire the pioneering heritage of Momondo and intend to fully support their existing brands and further accelerate their plans. Initially, Cheapflights Media will be replacing our Zugu meta-search product and brand with Momondo. Down the road, we will explore opportunities to leverage technology, data, and advertising partnerships across the Momondo and Cheapflights networks to bring better travel search solutions to more consumers world-wide."

Thorvald Stigsen, founder and CEO of Momondo, said: "This is a great opportunity for us. Cheapflights Media is a well-established online media company that shares our ambition to make a global impact. We have found a partner with a tradition of profitable organic growth and innovation whose aim is to be a major global player in internet travel."