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Holisto, a travel booking company, merging with SPAC valued at $405 million

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June 16, 2022
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Jump to heading Holisto, a travel booking company, merging with SPAC valued at $405 million

To give customers more tailored bookings, the Israeli startup's online travel booking platform employs AI to assess hotel pricing and plans across numerous inventory sources.

Holisto, an Israeli-founded online travel booking platform, and Moringa Acquisition Corp, a special purpose acquisition company (SPAC), have reached a deal that would result in Holisto becoming a Nasdaq-listed business. In the transaction, Holisto was valued at around $405 million.

The merger is estimated to earn Holisto $115 million, with the deal set to close in the fourth quarter of 2022.

Holisto is a technology-based online travel booking platform that uses artificial intelligence (AI) technology to analyze hotel rates and plans across multiple inventory sources, such as travel agents, worldwide distribution systems, wholesalers, and accommodation providers, in order to supply customers with more budget - friendly and customized bookings. Holisto has many brands, including GoSplitty and Traveluro.

Holisto's income has increased dramatically over the last year, although sales in the first quarter of 2022 were only $7.18 million, compared to $1.97 million in Q1 of 2021.

According to Crunchbase, Holisto was launched in 2015 by Avi Wortzel, Shay Horovitz and Eran Shust and has been able to raise $9.3 million to date. The firm employs 370 workers in total.

"From the beginning, we were motivated by the potential to disrupt the vast, segmented, and complex online travel booking industry by leveraging advanced AI and big data tech which allow incremental cost savings and simplicity by combining offerings from multiple sources," said CEO and co-founder of Holisto, Eran Shust. "Our partnership with Moringa and access to the public market will enable Holisto to vigorously harness our technology by expanding our platform and infrastructure, as well as enhance our client acquisition and brand recognition."

"We are tremendously delighted to announce the transaction with Holisto," said Ilan Levin, CEO and Chairman of Moringa and former CEO of Stratasys. In a vast, worldwide market ripe for change for the benefit of the consumer traveler, Holisto is pioneering with innovative technological solutions. As Holisto continues to quickly develop its company, we look forward to our relationship and the ability to use our experience."

"The Holisto-Moringa SPAC merger is a very significant moment for Israeli tech and SPACs," said Adi Mimran, Co-CEO of Fundem Capital, which advised Holisto on the deal. "After the downturn we've seen in stock values of businesses which combined with too high valuations, everyone felt that SPACs were no longer a valid investment instrument, but this transaction is an example of the market disillusionment and landmarks the viability of appropriate, win-win deals.

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(As of June 16, 2022, funds managed by Cohanzick Management, LLC and its affiliates own a position in Moringa Acquisition Corp.)

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