Expedia has expanded its presence in the rail sector with the acquisition of SilverRail, the online rail booking platform.
While the exact terms of the agreement were not revealed, it was confirmed that Expedia will take a majority interest in SilverRail Technologies, which was founded in London in 2009 and now has offices in Boston, Stockholm and Brisbane.
The company’s rail booking platform currently handles more than one billion searches each year, processing in excess of 25 million bookings for 35+ operators.
“Rail is ready for an online revolution and we’re ready to be a part of it. Rail’s shift online is one of the fastest growing areas of innovation in the US$1.3 trillion travel market, and SilverRail is powering that innovation,” said Dara Khosrowshahi, Expedia’s president & CEO. “We are tremendously excited to welcome the incredibly talented SilverRail team into the Expedia family.”
Following the closure of the acquisition, which is expected in mid-2017, SilverRail will become one of Expedia’s brands. The company said it will “remain focused on transforming the consumer experience of rail for carriers, travel retailers, and corporate travel companies”.
“The investment by Expedia will make our business bigger, stronger, and faster in executing current commitments and meeting the demand of new business,” said Aaron Gowell, SilverRail’s CEO. “We were looking for an investor and partner that understood our ambitions and was committed for the long term. Expedia is an ideal fit for us, as it sees the huge potential in rail and has a history of keeping its brands nimble.”
SilverRail’s platform was purpose built for rail bookings, and includes journey planning, inventory management, scheduling, pricing, booking, payment, ticketing, reporting and administration. It will now sit alongside other Expedia brands, including Orbitz, Travelocity, Hotels.com, CarRentals.com, HomeAway and Trivago.