Travel industry veteran Rakesh Gangwal has assumed leadership of Worldspan. As chairman, president and chief executive officer, Gangwal will guide global operations for Worldspan and serve on the Company's board of directors. Former Worldspan president and chief executive officer Paul J. Blackney will assume the role of special advisor to the Company and serve on the Company's board of directors.
"Many opportunities and challenges face the travel distribution industry today and Worldspan and its employees are ready," said Gangwal. "Worldspan is well recognized for its industry-leading technology and proven track record in revolutionizing travel distribution. We will continue to deliver innovative products and superior service to all our customers."
Gangwal stated that Worldspan will focus on global expansion through broader deployment of its proven technologies and travel distribution products to meet the demands of the rapidly evolving worldwide travel market. He added that Worldspan would also strengthen and enlarge the Company's portfolio of information technology and hosting services for airlines and other travel suppliers.
"Worldspan ushered the travel industry into the age of e-commerce," Gangwal said, and further emphasized that, "over the years Worldspan has remained a steadfast partner to the traditional travel agency community, and we will continue to provide groundbreaking solutions and innovations for our travel agents."
About Citigroup Venture Capital Equity Partners L.P. - Citigroup Venture Capital Equity Partners is a private equity fund managed by Citigroup Venture Capital, one of the industry's oldest private equity firms. Citigroup Venture Capital was established in 1968, and manages funds in excess of $10 billion. It pioneered the acquisition of technology companies by private equity firms and over the years has led the acquisition of such industry leading companies as KEMET
[NYSE: KEM]
, Fairchild Semiconductor
[NYSE: FCS]
, and Intersil
[NASDAQ: ISIL]
, among others.
About Teachers' Merchant Bank - Teachers' Merchant Bank is the private equity arm of the C$68 billion Ontario Teachers' Pension Plan. With a portfolio valued at over C$4.5 billion, Teachers' Merchant Bank is one of Canada's largest private investors working with more than 100 companies around the world to create value by providing long-term flexible capital.
About Worldspan - Worldspan is a leader in travel technology resources for travel suppliers, travel agencies, e-commerce sites and corporations worldwide. Utilizing fast, flexible and efficient networks and computing technologies, Worldspan provides comprehensive electronic data services linking approximately 800 travel suppliers around the world to a global customer base. The company offers industry-leading Fares and Pricing technology such as Worldspan e-Pricing(SM), hosting solutions, and customized travel products, including Worldspan Travel Enginuity(SM). Worldspan enables travel suppliers, distributors and corporations to reduce costs and increase productivity with best-in-class technology like Worldspan Go!® and Worldspan Trip Manager®. Worldspan is headquartered in Atlanta, Georgia. Additional information is available at www.worldspan.com .
