MIAMI, March 11, 2019 /PRNewswire/ -- Air Black Box—the first global travel technology company founded to solve the complexities of cross-selling products and services within the aviation sector—has been acquired by 777 Partners, an investment firm that specializes in unique high-growth investments.
The acquisition of Air Black Box adds to the firm's portfolio of pioneering companies in the aviation sector. By equipping its portfolio companies with proprietary back-end operational technology, 777 Partners creates efficiencies that support the commercial success and scaling of each business.
A team of industry experts founded Air Black Box to address a key airline pain: how to efficiently connect inventory and systems to drive passenger volume, business expansion, and increased ancillary revenue. Limited by outdated PSS technology, disparate fulfillment systems, cumbersome industry contractual requirements, and restrictive selling platforms, airlines, airports and travel providers have been unable to create the profitable multi-brand revenue opportunities that they need to grow their business.
The Air Black Box platform is the first system to provide seamless capability for airlines to network and cross-sell with each other, regardless of carrier type or PSS platform. The platform is built upon Air Black Box's patent-protected "managed" interlining technology, which sits at the core of travel supplier distribution channels and helps airlines increase conversions and revenues by creating product and service combinations that meet passenger needs for flexibility and frictionless travel.
"Air Black Box's expert team and technology platform fits our criteria for investing in disruptive aviation companies that create efficiencies and drive revenue in areas that haven't been fully optimized," says Juan Arciniegas, a Principal of 777 Partners. "In aviation's evolving global marketplace, their technology plays a key role in achieving our shared vision for an airline industry that is more agile, flexible, and profitable for all stakeholders."
777 Partners recently made an investment in Flair Airlines, the only independent ultra-low cost carrier in Canada, and announced that is it relaunching the historic World Airways brand as North America's first low-cost, long-haul airline.
Addressing Airlines' Operational and Revenue Needs
With an ongoing mandate to maximize revenue and expand route networks in an increasingly competitive marketplace, airlines need solutions to form and maintain partnerships that help them expand reach and monetize their full inventories in a cost effective manner.
Air Black Box's platform supports all those needs, providing solutions for booking, pricing and packaging cross-brand core and ancillary products, and for streamlining the logistical difficulties of servicing a multi-carrier itinerary – from baggage handling to funds settlement. The platform allows airlines to broaden their product portfolio and sell more product without having to overhaul existing systems, and connects through APIs, reducing implementation time and conserving internal or limited IT resources.
A New Vision for Aviation
"Our technology was built to overcome long-standing issues in how airlines connect and sell their inventory across their networks and drive new revenues as a result," said Ian Reyner, CEO of Air Black Box. "Through our relationship with 777 Partners, we can now bring our solution to more airlines and a broader segment of the travel industry."
The Air Black Box platform also provides the technology behind the Value Alliance, the world's first low-cost carrier alliance and Asia-Pacific's largest, which includes Cebu Pacific, Cebgo, Scoot, Nok Air, NokScoot, Vanilla Air, and Jeju Air. Value Alliance carriers share inventory and cross-sell each other's products using the platform, enabling the alliance to better serve its 50 million-plus passengers across 160 destinations, and compete more aggressively in the region.
"We've already proven that our approach is more cost-effective and less complex than traditional distribution networks, and that we can help travel brands expand their reach and sell more product. And for passengers, our technology enables more seamless and efficient journeys, especially when they self-connect," said Reyner.
About Air Black Box
Air Black Box is a travel technology company dedicated to transforming the travel selling process through decades of domain expertise, patented integration technology and a vision for innovation. Air Black Box's industry-first comprehensive travel connection platform enables airlines, airports and travel providers to expand their market footprint, boost passenger volume, increase core and ancillary revenue, and create new sales opportunities by efficiently and cost-effectively facilitating the cross-selling, distribution and fulfillment of travel products and services. To learn more about Air Black Box, please visit www.airblackbox.com.
About 777 Partners
777 Partners is a Miami-based investment firm focused on a broad spectrum of specialty finance businesses, asset originators and financial technology and services providers. Its overarching thesis is to incubate new ventures and to make control investments in businesses with scalable profiles and ambitious management teams operating in attractive markets. 777's senior management team is composed of industry veterans with backgrounds in private equity, venture capital, investment banking, financial technology, aviation, insurance, actuarial science, asset management, structured-credit, ABS, risk, analytics, complex commercial litigation and computer science. For more info, please see www.777part.com.
SOURCE Air Black Box