IT services firm Sonata Software announced earlier this week that it purchased a majority stake in cloud-based travel management company Rezopia Inc. With the move, Sonata hopes to strengthen its travel vertical by using Rezopia’s software-as-a service travel IT platform, according to a company statement.
While financial terms of the deal were not disclosed, Rezopia President Nirav Chhatrapati told Tnooz that the acquisition stake is in the range of 50 percent to 60 percent.
“We believe the future of software services lies in blending PAAS models with customized solutions and services over different stages of an enterprise lifecycle and across different business segments within the enterprise,” said Srikar Reddy, MD &CEO of Sonata. “The Rezopia platform combined with the strong management team and travel domain specialist will further strengthen our competitive position in the travel vertical.”
Additionally, Sonata will also acquire Xyka India Pvt. Ltd. – the primary service provider to Rezopia’s platform.
Back in June, another business deal aimed to improve the travel and expense management process. IBM and Concur teamed up to offer cloud-based travel and expense management solutions to consumers around the globe. Under the deal, IBM will actively promote Concur’s cloud-based management platform to its own expense reporting solutions clients.