ITA Software, Inc. and Google Inc. on Thursday announced that they have signed a definitive agreement for Google to acquire ITA for $700 million in cash.
ITA, founded in 1996 by a team of MIT computer scientists, gives advanced solutions for organizing flight information and its innovative algorithms and deep airline industry expertise create a customizable flight data organization tool used by both airlines and online travel agencies, including powerhouses Orbitz and Bing Travel.
Google will create a new flight search tools after the deal, and it will enable users to find better flight information more easily on the Internet.
Both companies have approved the transaction, which is subject to customary closing conditions.
“ITA’s very talented team has created an impressive product to organize flight information,” said Eric Schmidt, Chairman and CEO of Google. “Their technology opens exciting possibilities for us to create new ways for users to more easily find flight information online, and we’re looking forward to welcoming them to Google.”
“It is a privilege to work with a most skilled and dedicated team to build innovative technologies that people use every day,” said Jeremy Wertheimer, CEO & President, ITA Software, Inc. “We are all looking forward to continuing and expanding our efforts as part of Google.”
ITA’s QPX software tool for organizing flight information is used by leading airlines and travel distributors worldwide. The company was founded by computer scientists from MIT and is headquartered in Cambridge, Mass., USA.
(With additional reporting by NYCAviation Staff)
