Rydoo, a Belgian expense management software provider, is selling its travel platform to French hotel reservation technology company CDS Groupe, according to a May 12 PhocusWire report.
CDS Groupe aims to become the European leader in hotel reservation solutions for business travel. The company’s solution can handle payments, custom billing and reporting, and reservations.
Rydoo’s travel team will join CDS Groupe, and Rydoo Travel’s Vice President of Sales and Operations, Pierre Mesnage, will lead the travel unit. Terms of the agreement were not disclosed.
“This acquisition aims to strengthen the execution of CDS’s strategy that would accelerate the growth of its international expansion,” said Ziad Minkara, CEO of CDS Group.
Rydoo launched in 2018, and the company separated its expense management and travel booking units about a year ago. Rydoo’s customers include names like Burger King, Deloitte and Singapore Airlines, according to the report.
Now that it sells the travel unit, Rydoo would like to focus more on expense solutions, enabling links to travel management with various partnerships.
Travel has rebounded from the worst moments of the quarantine months of 2020, accompanied by developments such as the lifting of mask restrictions.
Last month, the Global Business Travel Association released a report which found that 86% of respondents gave the green light to non-essential domestic business travel, an increase of 10% since the last survey in February this year. .
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“We are seeing significant gains in the return of business travel, particularly over the past two months,” GBTA CEO Suzanne Neufang said at the time. “Booking levels and travel spending continue to return, and there are high levels of employee optimism and willingness to travel for business.”
Three-quarters of companies that had suspended most or all travel to a specific country planned to resume domestic travel. The report also found that more than half plan to resume international travel within three months of the end of April.