Investee Company – Egencia (France)
Investee Company Business Type – Operates online corporate travel agency
Type of Financing – Expansion
Equity Providers – Credit Lyonnais Asset Management Private Equity, BNP ParibasDeveloppement and The Carlyle Group
Equity Leader (Individual) – Fabien Prevost, Credit Lyonnais Asset Management Private Equity
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – euro6.6 million
Total Deal Value – euro6.6 million
Other Advisors – N/A
Comments – Egencia, an online corporate travel agency, has raised a second round of finance totalling euro6.6 million. The investment is provided by a consortium of private equity investors led by Credit Lyonnais Asset Management Private Equity and including BNP Paribas Developpement and existing shareholder, The Carlyle Group. The company will use the money to invest in its technology infrastructure as well as sales and marketing.
Egencia, based in Paris, was founded in February 2000. The company provides travel arrangement management services to business travellers, based on the latest information technology that simplifies the process of planning, booking and managing business travel. During the last five months, over 100 mid-sized companies have decided to manage their entire business travel budget through Egencia. These contracts represent a total budget of euro25 million.
Egencia’s current client base is in the Paris region. It plans to expand the business domestically to every major city in France, and internationally to Spain and Germany.
John Perkins, founder and co-CEO of Egencia, commented: “We are in discussions with many companies that want to optimise the management of their business travel. With the expansion of our activities into other French cities and abroad, we expect to have euro60 million of annual business travel budget under management by the end of 2001.”
Fabien Prevost, partner of Credit Lyonnais Asset Management Private Equity, added: “Egencia has the technology and the management team necessary to become a leader in Europe.”
The capital raised will allow the company to reach profitability in France by late 2002.