- Transformational partnership giving Mondee
access to EBG’s network combined reach of over 100 million members
and users, bringing Mondee’s total member access to over 125
million -
- Strategic partnership to provide reciprocal
access to travel technology, complementary distribution networks
and expanded travel and entertainment offerings -
Mondee Holdings II, Inc. (“Mondee”), the fast-growth, travel
technology company and marketplace, with a portfolio of globally
recognized platforms and brands in the leisure, retail and
corporate travel sectors, today announced that it has signed a
strategic partnership with EBG to exchange access to technology,
customer networks and a broad array of travel options, attractions
and events.
EBG is a leading e-commerce solutions provider and a market
leader in merchandising thousands of attractions and activities,
live events, hotel rooms, flights, vacation packages as well as
other brands and services, through private employer and
membership-based programs and other direct distribution channels.
EBG sells millions of admission tickets annually and has a combined
reach of over 100 million members and users from more than 40,000
participating companies including Fortune 500 and Fortune 1000
corporations.
As part of the new partnership, Mondee and EBG will cross-sell
to their expansive distribution networks, reaching millions of
travelers and consumers. In addition, Mondee will provide its
technology platform to EBG to include packaged travel solutions for
an extensive set of travel and airline products.
EBG, one of the largest sales partners for many of the major
theme parks, attractions, entertainment producers, and other travel
organizations in the country, will connect with Mondee’s systems to
deliver unique experiences, products, and services through Mondee’s
network and extensive travel platforms. Mondee plans to continue to
expand and leverage its industry changing technology platform to
work with EBG to provide technology solutions for ongoing
sophisticated traveler needs.
“We are thrilled to partner with EBG to bring together two
market-leading, technology-based travel and entertainment companies
to better serve the needs of our discerning consumers,” said Prasad
Gundumogula, Founder and Chief Executive Officer of Mondee.
“Partnering with EBG allows us to enhance our emerging subscription
platforms and package new hospitality and entertainment offerings
for our customers who are constantly evolving to seek new and
differentiated, value-based experiences. We also look forward to
deploying our innovative travel technology marketplace to support
EBG’s many member-based organizations. Post this transformative
partnership, Mondee’s platforms and products are estimated to have
a combined access to more than 125 million members and users. The
first phase of our partnership commenced a few months ago and is
delivering material, tangible results.”
“We are pleased to leverage Mondee’s consumer-friendly travel
technology platform to broaden and enhance the user-experience on
our platforms,” said Brett Reizen, Founder and Chief Executive
Officer of EBG. “This exciting opportunity allows both companies to
share industry-leading technology to facilitate unique travel
experiences for Mondee and EBG’s network.”
Mondee expects to complete its previously announced business
combination with ITHAX Acquisition Corp. (Nasdaq: ITHX) in the
first half of 2022. EBG also joined a number of institutional and
strategic investors in the $70 million fully committed, 100% common
equity private investment in public equity, or “PIPE”, raised in
connection with the transaction. The combined company anticipates
being listed on the Nasdaq Stock Market under the ticker symbol
“MOND.”
About Mondee:
Mondee is a group of leading travel technology, service, and
content companies driving disruptive innovative change in the
leisure, corporate, and retail travel markets. They deliver a
revolutionary technology platform of SaaS, mobile, and cloud
products and services to a global customer base, processing over 50
million daily searches in 2019 and multi-billion dollars of
transactional volume yearly. Founded in 2011, Mondee is
headquartered in Silicon Valley, California, with 17 offices in USA
and Canada, and operations in India, Thailand, and Ireland. For
more information, please visit https://www.mondee.com.
About EBG:
EBG is an e-commerce solutions provider specializing in travel
and entertainment, and also offering retail products and services,
voluntary benefits and insurance. EBG powers a robust portfolio of
technology solutions and operates a network of employer and
membership-based platforms reaching a captive audience, providing
leading brands with incremental distribution opportunities. EBG's
expanded network reaches over 100 million users from participating
companies and closed loop affinity and membership groups.
EBG owns and operates the largest and most comprehensive
employee savings program in the country — serving over 40,000
corporate clients through its proprietary platforms TicketsatWork,
Plum Benefits, Working Advantage and Beneplace. EBG is a b2b2c
company headquartered in Miami, with offices in New York, Orlando,
Las Vegas and Austin. Learn more at www.ebgsolutions.com.
About ITHAX Acquisition Corp.:
ITHAX Acquisition Corp., a Cayman Islands exempted company
(NASDAQ: ITHX), is a blank check company formed by the founder of
Ithaca Capital and the principals of AXIA Ventures. Ithaca Capital
is a real estate investment manager with focus on deep-value
hospitality investments in the United States, Latin America and
Caribbean. AXIA Ventures Group is a leading, independent,
privately-owned investment bank founded in 2008 that provides
services in more than 20 countries through its offices in New York,
London, Milan, Athens and Nicosia. For more information, please
visit https://ithaxacquisitioncorp.com.
Forward-Looking Statements:
Certain statements in this Document (as defined below) may be
considered “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of present or historical fact
included herein, regarding the proposed business combination
between ITHAX Acquisition Corp., an exempted company incorporated
in the Cayman Islands with limited liability under company number
366718 (“ITHAX”), and Mondee Holdings II, Inc., a Delaware
corporation (“Mondee”), ITHAX’s and Mondee’s ability to consummate
the transaction, the expected closing date for the transaction, the
benefits of the transaction and the public company’s future
financial performance following the transaction, as well as ITHAX’s
and Mondee’s strategy, future operations, financial position,
estimated revenues, and losses, projected costs, prospects, plans
and objectives of management are forward looking statements. When
used herein, including any oral statements made in connection
herewith, the words “anticipates,” “approximately,” “believes,”
“continues,” “could,” “estimates,” “expects,” “forecast,” “future,
” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,”
“propose,” “should,” “seeks,” “will,” or the negative of such terms
and other similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. Such forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by both ITHAX and its
management, and Mondee and its management, as the case may be, are
inherently uncertain. Except as otherwise required by applicable
law, ITHAX disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
hereof. ITHAX cautions you that these forward-looking statements
are subject to risks and uncertainties, most of which are difficult
to predict and many of which are beyond the control of ITHAX.
Factors that may cause actual results to differ materially from
current expectations include, but are not limited to: (1) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the business combination; (2) the
outcome of any legal proceedings that may be instituted against
ITHAX, Mondee, the combined company or others following the
announcement of the business combination and any definitive
agreements with respect thereto; (3) the inability to complete the
business combination due to the failure to obtain approval of the
shareholders of ITHAX, to obtain financing to complete the business
combination or to satisfy other conditions to closing; (4) changes
to the proposed structure of the business combination that may be
required or appropriate as a result of applicable laws or
regulations or as a condition to obtaining regulatory approval of
the business combination; (5) the ability to meet stock exchange
listing standards following the consummation of the business
combination; (6) the risk that the business combination disrupts
current plans and operations of ITHAX or Mondee as a result of the
announcement and consummation of the business combination; (7) the
ability to recognize the anticipated benefits of the business
combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; (8) costs
related to the business combination; (9) changes in applicable laws
or regulations and delays in obtaining, adverse conditions
contained in, or the inability to obtain regulatory approvals
required to complete the business combination; (10) the possibility
that ITHAX, Mondee or the combined company may be adversely
affected by other economic, business, and/or competitive factors;
(11) the impact of COVID-19 on the combined company’s business
and/or the ability of the parties to complete the proposed business
combination; (12) Mondee’s estimates of expenses and profitability
and underlying assumptions with respect to stockholder redemptions
and purchase price and other adjustments; (13) adverse changes in
general market conditions for travel services, including the
effects of macroeconomic conditions, terrorist attacks, natural
disasters, health concerns, civil or political unrest or other
events outside the control of the parties; (14) significant
fluctuations in the combined company’s operating results and rates
of growth; (15) dependency on the combined company’s relationships
with travel agencies, travel management companies and other travel
businesses and third parties; (16) payment-related risks; (17) the
combined company’s failure to quickly identify and adapt to
changing industry conditions, trends or technological developments;
(18) unlawful or fraudulent activities in the combined company’s
operations; (19) any significant IT systems-related failures,
interruptions or security breaches or any undetected errors or
design faults in IT systems of the combined company; (20) exchange
rate fluctuations; and (21) other risks and uncertainties set forth
in the section entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements and Risk Factor Summary” in
ITHAX’s final prospectus relating to its initial public offering
dated February 1, 2021 and in subsequent filings with the U.S.
Securities and Exchange Commission (the “SEC”), including the
registration statement on Form S-4, relating to the business
combination that ITHAX filed with the SEC on March 21, 2022, as
amended by that Amendment No. 1 to Form S-4, filed with the SEC on
April 26, 2022, that Amendment No. 2 to Form S-4, filed with the
SEC on May 20, 2022, and that Amendment No. 3 to Form S-4, filed
with the SEC on June 7, 2022, which includes a prospectus/proxy
statement of ITHAX. There may be additional risks that neither
ITHAX nor Mondee presently know of or that ITHAX or Mondee
currently believe are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements.
Nothing in this communication should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Author and any of
their affiliates, directors, officers and employees expressly
disclaim any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statement to reflect events or
circumstances after the date on which such statement is being made,
or to reflect the occurrence of unanticipated events.
No Offer or Solicitation
This communication is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities pursuant to the proposed business combination or
otherwise, nor shall there be any sale of securities in any
jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act.
Important Information for Investors and Shareholders
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval.
In connection with the proposed business combination, ITHAX
filed a registration statement on Form S-4 with the SEC on March
21, 2022, as amended by that Amendment No. 1 to Form S-4, filed
with the SEC on April 26, 2022, that Amendment No. 2 to Form S-4,
filed with the SEC on May 20, 2022, and that Amendment No. 3 to
Form S-4, filed with the SEC on June 7, 2022, which includes a
prospectus/proxy statement of ITHAX. ITHAX also plans to submit or
file other documents with the SEC regarding the proposed
transaction. A definitive proxy statement/prospectus will be mailed
to the shareholders of ITHAX. INVESTORS AND SHAREHOLDERS OF ITHAX
ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL
AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO
THE PROPOSED BUSINESS COMBINATION, WHICH WILL BE FILED WITH THE
SEC, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
BUSINESS COMBINATION. Investors and shareholders will be able to
obtain free copies of the proxy statement/prospectus and other
documents containing important information about Mondee and ITHAX
once such documents are filed with the SEC, through the website
maintained by the SEC at http://www.sec.gov.
Additional Information about the Business Combination and
Where to Find It:
Additional information about the proposed business combination,
including a copy of the business combination agreement and investor
presentation, was disclosed in a Current Report on Form 8-K, that
ITHAX filed with the SEC on December 20, 2021 and is available at
www.sec.gov. In connection with the proposed business combination,
ITHAX filed a registration statement on Form S-4 with the SEC on
March 21, 2022, as amended by that Amendment No. 1 to Form S-4,
filed with the SEC on April 26, 2022, that Amendment No. 2 to Form
S-4, filed with the SEC on May 20, 2022, and that Amendment No. 3
to Form S-4, filed with the SEC on June 7, 2022, which includes a
prospectus/proxy statement of ITHAX. Additionally, ITHAX will file
other relevant materials with the SEC in connection with the
proposed business combination of ITHAX with Mondee. The materials
to be filed by ITHAX with the SEC may be obtained free of charge at
the SEC’s website at www.sec.gov. Investors and security holders of
ITHAX are urged to read the proxy statement/prospectus and the
other relevant materials when they become available before making
any voting or investment decision with respect to the proposed
business combination because they will contain important
information about the business combination and the parties to the
business combination.
Participants in Solicitation:
ITHAX, Mondee and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the shareholders of ITHAX in connection with the
proposed transaction. Information about the directors and executive
officers of ITHAX is disclosed in ITHAX’s initial public offering
prospectus, which was filed with the SEC on February 1, 2021. Other
information regarding the participants in the proxy solicitation
and a description of their direct and indirect interests, by
security holdings or otherwise, will be contained in the proxy
statement/prospectus and other relevant materials to be filed with
the SEC when they become available.
Disclaimer:
This presentation (the “Document”) has been prepared by Mondee,
ITHAX, AXIA Ventures Group Limited (“AXIA”) and Ithaca Capital
Partners (“Ithaca” and together with Mondee, ITHAX and AXIA, the
“Authors”). This Document is for informational purposes only to
assist interested parties in making their own evaluation with
respect to the proposed business combination (the “business
combination”) between Mondee and ITHAX. The information contained
herein does not purport to be all-inclusive and none of the parties
or their respective directors, officers, shareholders or affiliates
make any representation or warranty, express or implied, as to the
accuracy, completeness or reliability of the information contained
in this Document or any other written or oral communication
communicated to the recipient in the course of the recipient's
evaluation of Mondee or ITHAX. The information contained herein is
preliminary and is subject to change and such changes may be
material.
This communication does not constitute (i) a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination or (ii) an offer to
sell, a solicitation of an offer to buy, or a recommendation to
purchase any security of ITHAX, Mondee, or any of their respective
affiliates.
ITHAX is a blank check company listed on NASDAQ. AXIA Capital
Markets LLC (“ACM”) is a U.S. registered broker-dealer and member
of FINRA. ACM is a wholly owned subsidiary of AXIA Ventures Group
Ltd (“AVG”), a privately-owned investment banking group mainly
focused on Southern Europe, providing financial advisory services
and capital markets services to corporate and institutional
clients. Ithaca and Mondee are incorporated in Delaware.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220613005328/en/
For Mondee: Media MondeePR@ICRinc.com Investor Relations
MondeeIR@ICRinc.com
For ITHAX: Investor Relations
info@ithaxacquisitioncorp.com
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