Share this
MIDOCO acquires majority stake in Swiss Umbrella AG
by Umbrella AG on Sep 27, 2018 4:48:00 PM
Hilden/Wetzikon, 27 September 2018 - Midoco acquires a majority share of Umbrella AG, Switzerland. With the acquisition, Midoco secures a position as key player in the mid-office services for the travel industry in Switzerland. In addition, the second product line of Umbrella, Umbrella Faces, is of high strategic interest for Midoco. With the help of Umbrella Faces, profile data of travellers can be synchronised across several GDS and other systems.
Umbrella AG will remain an independent company. Founder and CEO Martin Bachmann retires, but will be available to the company in an advisory capacity and will stay involved in a number of key projects. Helmut Pilz, Remo Räber and Wolfgang Schuller remain shareholders. Steffen Faradi, managing partner of Midoco, becomes chairman of the Umbrella AG board of directors. Faradi will also temporarily lead the operative business of Umbrella AG.
Martin Bachmann comments on Midoco's entry as follows: "With Midoco I am glad to have found the right and strong partner for the further expansion of Umbrella. The teams fit very well and will push ahead with further internationalisation."
"Umbrella AG has an excellent, innovative team that fits perfectly to Midoco. Martin Bachmann has done an impressive job with his company," says Midoco CEO Steffen Faradi. He emphasises the strategic importance of the majority stake: "Midoco and Umbrella Faces complement each other perfectly in a way that enables us to improve our services for international business travel customers.”
Umbrella Faces synchronises traveller profile data across multiple systems. The software automates the synchronisation of profile data and helps customers to eliminate time-consuming and error-prone manual work in a world of fragmented travel distribution systems.
Umbrella Faces is already being used internationally by numerous companies in the business travel sector. These include CTM, Uniglobe, GlobalStar, Clarity, Advantage Focus Partnership and ATG in the UK as well as a number of Midoco customers such as Lufthansa City Center travel agencies and Columbus in Austria.
Faces synchronises profile data with partner companies including GDS operators Amadeus, Sabre and Travelport, as well as various online booking engines (OBE) in the business travel sector, such as Cytric, Atlatos, Concur and Farelogix. Umbrella Faces thus also maintains traveller profiles in the growing world of direct sales of travel services.
Share this
- October 2024 (2)
- July 2024 (1)
- April 2024 (1)
- March 2024 (1)
- June 2023 (1)
- April 2023 (1)
- March 2023 (1)
- February 2023 (1)
- December 2022 (1)
- September 2022 (1)
- June 2022 (5)
- April 2022 (1)
- October 2021 (2)
- September 2021 (4)
- August 2021 (3)
- July 2021 (1)
- June 2021 (1)
- May 2021 (1)
- April 2021 (1)
- March 2021 (1)
- December 2020 (1)
- October 2020 (1)
- September 2020 (2)
- August 2020 (1)
- June 2020 (1)
- May 2020 (2)
- December 2019 (2)
- November 2019 (1)
- September 2019 (1)
- June 2019 (1)
- May 2019 (2)
- April 2019 (1)
- February 2019 (4)
- January 2019 (1)
- December 2018 (1)
- November 2018 (2)
- October 2018 (2)
- September 2018 (3)
- August 2018 (1)
- June 2018 (2)
- May 2018 (1)
- March 2018 (3)
- January 2018 (1)
- December 2017 (1)
- November 2017 (3)
- October 2017 (3)
- September 2017 (1)
- August 2017 (1)
- July 2017 (2)
- May 2017 (3)
- April 2017 (1)
- March 2017 (2)
- January 2017 (2)
- December 2016 (2)
- October 2016 (2)
- September 2016 (2)
- August 2016 (1)
- July 2016 (2)
- June 2016 (2)
- May 2016 (2)
- April 2016 (4)