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Strategic combination removes barriers and strengthens commerce for the travel industry
September 22, 2014 – Dallas, USA / Tonsberg, Norway – /PRWeb/
Onyx Payments, the largest payment processor for hotels and travel distributors, announced today the acquisition of Norway-based Net Trans Services, the leader in commission reconciliation services.
Net Trans is a high growth company with proven technology and a global player with a major market share in Europe and Asia Pacific. Net Trans Services and Onyx Payments have been strategic partners, serving joint customers since 2006, and see this acquisition as an opportunity to fulfill the vision each company seeks to bring to the travel industry.
“Within travel accommodations, our goal has always been, and now will increasingly be, to create a world of friction-free commerce,” said Martin Jørgensen, Chief Executive Officer, Net Trans Services. “Our company’s joint vision is the betterment of the industry. For our customers, the combination strengthens our commitment to increase speed of payment and further improve data quality, value chain transparency and business intelligence.”
Today’s acquisition further expands Onyx Payment’s global reach. The combination of companies will now serve well over 200,000 hotels and 200,000 travel distributors in nearly 200 countries. With an influx of new talent, technology and efficiencies the new Onyx Payments expects to offer services that are even more valuable for the customers it serves. Over the coming months, the company will communicate its evolving and innovative solution set for the betterment of the travel industry.
Onyx Payments’ Chief Executive Officer and President, Mark S. Dubrow, expressed excitement about the combined team: “We will now have the brightest minds in the market working together to improve our existing products, and more importantly, focus on innovation and bring new solutions and services to the travel industry. This combination is a major milestone in the execution of our ongoing strategy.”
In April of 2013, H.I.G. Capital (a global private investment firm with more than $15 billion of capital under management) acquired Onyx Payments with a commitment to provide the financial strength to be the best in class payment and commission reconciliation processor. This acquisition is a natural progression towards achieving the strategy.
About Onyx Payments
Founded in 1992 and headquartered in Dallas, Texas, Onyx Payments is the world’s largest processor of payment disbursement and reconciliation solutions. Onyx Payments operates a global payment network and provides its hotel and travel agency customers with services including commission receipt and disbursement; foreign currency exchange; invoicing; and reconciliation and tracking. The company facilitates in excess of $500 million in payments annually, with more than 40,000 hotels contracted, servicing more than 200,000 travel distributors in nearly 200 countries. In addition its headquarters in Dallas, Onyx Payments has regional hubs in London, Singapore, New York and Scottsdale, Ariz. For more information, visit www.onyxpayments.com.
About Net Trans Services
Net Trans Services AS provides a complete hotel commission recovery and reconciliation service for travel agencies and other hotel booking professionals worldwide. Recovering hotel commission is a challenge for most agents, but Net Trans provides a solution by reconciling all hotel and payment data with agents’ reservations. The result is increased commission revenue and lowered cost of recovery through automation, dedicated expertise and significant economies of scale. Net Trans has contracted 10,300 travel distributors in more than 100 countries, processing close to 40 million room nights annually from over 200,000 hotels on their behalf. For more information, visit www.ntrans.com.
Photo: Martin Jørgensen, Chief Executive Officer, Net Trans Services