December 10 2019 - A fund managed by German technology investor LEA Partners has acquired a majority share in the travel technology group MIDOCO from the investment company Afinum. BID Equity and the three MIDOCO founders and managing partners, Steffen Faradi, Marcus Haarmann and Jörg Hauschild, will continue to hold significant stakes in MIDOCO.
Since its founding in 2005, MIDOCO GmbH has become Germany's leading provider of mid-office software solutions for the travel industry. In 2018, MIDOCO processed travel sales worth over 11 billion euros. Users of the software include international travel agency chains in business and leisure travel, online travel agencies, and dynamic tour operators. MIDOCO’s strengths are in connecting to and engaging with the industry’s established and new distribution channels, such as the IATA standard New Distribution Capability (NDC).
The product portfolio was perfectly complemented in 2018 by the acquisition of the Swiss Umbrella AG that provides the profile automation software Umbrella Faces. The solution enables the automatic synchronisation of traveller profile data across various sales channels. The ideal combination of Umbrella Faces and MIDOCO simplifies the booking process for traditional and new sales tools, especially for business travel agencies. Customers in Germany, the UK and other international markets are already successfully using the entire MIDOCO Suite.
"We look forward to supporting and expanding the MIDOCO Group as it continues to grow. We see great potential, especially internationally, both organically and as part of a selective buy and build strategy," says Christian Roth of LEA Partners.
"With LEA Partners, we have found the ideal partner for our further growth and an optimal constellation for the opportunities ahead," says Steffen Faradi, managing director of MIDOCO Holding GmbH. Faradi is pleased to have BID Equity on board as well, adding, "We can continue to rely on the well-established collaboration with the BID Equity team and gain the experience and expertise of LEA Partners."