by Donald Wood
Last updated: 11:30 AM ET, Fri May 12, 2017
Officials from Expedia, Inc.and SilverRail Technologies, Inc. announced Thursday the two companies have reached a definitive agreement for Expedia to acquire a majority stake in SilverRail.
SilverRail has been an important industry partner for Expedia, bringing online booking for rail to the travel company's customers and solving challenging technology problems.
Expedia's agreement to acquire a majority stake in SilverRail is expected to close in the middle of 2017 pending satisfaction of closing conditions, including approval from the relevant competition authority.
"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 $1.3 trillion travel market, and SilverRail is powering that innovation," Expedia, Inc. CEO Dara Khosrowshahi said in a statement. "We are tremendously excited to welcome the incredibly talented SilverRail team into the Expedia family."
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During the transaction process and after it is completed, SilverRail will remain focused on transforming the consumer experience of rail for carriers, travel agents 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," SilverRail CEO Aaron Gowell said in a statement. "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."
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