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Sify Acquires Globe Travels
By CXOtoday Staff
Mumbai, Jun 7, 2006
Internet, network and e-commerce services provider Sify Ltd has announced the acquisition of Globe Travels, a leading online issuer of e-tickets in the India-US travel space.
The acquisition will help Sify exploit the fast growing e-ticketing aspect of online travel business, which currently records the highest revenues and fastest growth in online e-commerce.
Several factors will work for Sify to maximize its profits from this acquisition. Internet & Mobile Association of India (IMAI) expects Internet users to grow from 38.5 million to over 10 million by 2007-08.
Of the total projected online transactions of $262 million for 2005-06, 57.85% or $152 million will originate from the travel and travel related sectors. Of this, online airline ticket sales will account for $88 million, and railway ticket for $63 million.
The IATA deadline of December '07 for 100% online ticketing in India, will only serve to further boost online air ticket sales.
Despite low PC penetration, Sify hopes to garnet good business through its network of 3300 iWay cyber cafes spread across 153 cities in the country, and websites like its www.sify.com, www.sifmax.in and www.samachar.com.
Commenting on the acquisition, R. Ramaraj, CEO, Sify said, "This strategic acquisition brings into our fold fast growing services that enhance our online offerings to customers, and opens up new sources of revenue. We will also have the benefit of having Herman Noronha, CEO, Globe Travels, on board along with his team, who will add value with their domain expertise."
Herman Noronha said, "We are delighted to be a part of the Sify online services network. We decided to partner with Sify, after much deliberation, given the company's vision, range of online services, extensive reach across India and its technological capabilities."
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