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Trade Me sells Travelbug, Bookit for undisclosed sum
Monday 05 December 2016 04:24 PM
Trade Me sells Travelbug, Bookit for undisclosed sum
By Jonathan Underhill
Dec. 5 (BusinessDesk) - Trade Me Group has sold its accommodation website Travelbug and online booking engine BookIt, to interests associated with the Torpedo7 sporting goods site for an undisclosed sum.
Travelbug and BookIt both predate Trade Me's listing as a public company in 2012. The company launched Travelbug in 2007 and acquired BookIt in 2010.
The sale is to Travel Booking Services 2016 LP, a limited partnership with investors that include the founders of the successful Torpedo7 and 1-day e-commerce businesses, the Wellington-based company said in a statement. Companies Office records show Guy Howard-Willis as a director of the partnership. He founded Torpedo7 with his brother Luke Howard-Willis.
“It’s difficult for us to justify prioritising time and money for Travelbug and BookIt given the other opportunities we have across Trade Me," said Trade Me chief executive Jon Macdonald. "The TBS team have considerable experience in large-scale e-commerce businesses, and we wish them all the best.”
Trade Me shares fell 0.6 percent to $4.84 today and have gained 16 percent this year.
(BusinessDesk)
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