RateGain to Expand Offerings with $250M Sojern Acquisition
RateGain Travel Technologies Ltd is set to expand its offerings with the acquisition of Sojern Inc. The UK-based company's board will discuss fundraising plans, including equity issuance, on 4 October. Shares surged 8% following the acquisition announcement.
The acquisition, facilitated by RateGain Merger Sub, a wholly-owned subsidiary, will cost $250 million in cash. Sojern Inc., an AI-powered hospitality and travel marketing platform, generated $172.2 million in annual revenue. The deal will enable RateGain to provide a wider range of complementary tools to hospitality players.
RateGain's shares traded 2.26% higher at Rs 659.35 on NSE at 12:30 pm. The company will issue a corporate guarantee of up to $150 million to secure lending facilities for the acquisition. Additional investment will also be received to support the deal. Antitrust permits and other regulatory licenses are required, with finalisation expected within 45 to 90 days, subject to approvals.
RateGain's board will deliberate fundraising strategies for the Sojern Inc. acquisition on 4 October. The deal, valued at $250 million, will broaden RateGain's offerings and is expected to close within 45 to 90 days, pending regulatory approvals.
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