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NetMedia buys Romanian online travel websitesUpdated: 08-04-2010 | Business
NetMedia, with operations in the online travel, acquired 70 percent of the Romanian company, C & D Solutions, the owner of AllSeasons.ro and TourismGuide.ro travel websites in Romania.
The deal is NetMedia's first ever global acquisition, the Poland-based company said in a release.
The Polish company with revenues of €30 million and an annual growth of 7210% came out first in Deloitte's Central European ranking of the 50 fastest growing technology companies.
C & D Solutions, based in Brasov in Romania that operates in the segment of new technologies, e-commerce, and hotel reservations will change its name to NetMedia Romania. Our company had enjoyed a rapid growth pace and we want to repeat our success in Romania. The transfer of the business model for the local market should not be a major problem. We know how to do this effectively, over the past year we have carefully examined the development of both tourism and Internet industries in Romania. And this is a very convenient timing of our investments in theinternet industry in Romania," said Michael Bee, Vice President of NetMedia.
Notwithstanding the challenging economic environment and economic slowdown the global markets have suffered over the past year, NetMedia group recorded a significant growth in number of hotel bookings. The company posted a 53% growth in online bookings last year alone. And NetMedia executives expect a reiteration of the business' success."Romanian online booking market is still young. We expect the revenues in this industry to grow on an annual basis", said Andrzej Wierzba, CEO NetMedia.
According to NetMedia, both the Internet and tourism industry is developing very dynamically, as in Poland several years ago. "Generally, Internet trade in this country is more or less at Poland's level 4-5 years ago. Starting a business in this attractive and very promising market, should contribute to the development of the Group NetMedia and set the stage for future investments in foreign markets" Michael Bee added. Tourismguide.ro website recorded 375,066 unique visitors in March.
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